All Forum Posts by: Brian Gibbons

@Charles Rivers

Nothing says that wholesaling is illegal if you're licensed you can do many things like sell contracts

If you're not licensed and you sell contracts your brokering contracts

If you were on title you're flipping that means you bought it and you reselling it that's wholesaling like a car in auction you pay cash for it and you resell it and you have title when you're selling

The big problem here is people are getting an option to purchase agreement or sales and purchase agreement and real estate commissions especially in Ohio and California and Florida are saying that these are brokering activities and you cannot do it in those states without a license

I'm not a lawyer but if you're not talking to Sellars and you're not talking to Buyers I don't see a problem

But if you're in California the broker who's representing and supervising that sales agent might have a problem you not being licensed so I just get licensed in California

@Curt Smith

Help this person?

@John Thedford

@Wayne Brooks is one of my favorite brokers on this board

The best we can do as senior BP people with newbies is to let them know there are penalties especially in certain states for rolling the dice and not being licensed to do real estate brokerage activities

The big thing is if you find someone that is selling a house and they don't own it, and not licensed, report them to the state re commission

Get the frigging license will you please? 

I should of called this thread

Getting Busted for Wholesaling in all 50 States while brokering without a RE License :)

Generally if you...

1. Are not on legal title you can not without a license advertise to lease or sell 

2. If you are on title you can do anything you want, lease, sell, assign...

3. If you are licensed, if you declare you are acting as a principle not agent for, and as a business owner for profit, you can sell contracts for a fee

4. If you are not licensed and assign contracts you are susceptible to civil monetary penalties by your state real estate commission, and in legal records forever

North Carolina Lic info 

http://www.ncrec.gov/Brochures/general.pdf

Typo loop round is Lou Brown :)

Curt Smith I love Georgia because it's one of the most creative places on the East Coast

In my library loop round of Georgia is one of the best teachers on creative financing

I love how he uses land trusts, LLCs and such

Maybe all the wholesaling people can move to Georgia and not need a license :)

Stone you should see the thread on wholesalers get busted in Ohio for not being licensed

There's information there about California and requirements to sell option contracts

I recommend you get a license and look at Keller Williams as a possible investor friendly real estate agency where you can act as a principal and hold a license and sell contracts

 Hi Shreeta

I believe there's an exception where any owner on title can so for sale by owner or rent for rent by owner

This is America isn't it? :)