All Forum Posts by: Scott Schechtel

@Tony Wooldridge Thank you for replying. Though it still seems like a "everybody else is doing it, I guess I'll do it too" kind of thing with regards to paying to play. I'll get the GC license and bond which comes out to about 300 bucks total, assuming my credit score meets the criteria for the $12,000 bond. However, I found that the law that concerning contractor registration requirements for owners of property would wipe out the need for a license in WA is still on hold in legislation: http://app.leg.wa.gov/billsummary?BillNumber=1749&Year=2017

@Tony Wooldridge Thank you for replying. Though it still seems like a "everybody else is doing it, I guess I'll do it too" kind of thing with regards to paying to play. I'll get the GC license and bond which comes out to about 300 bucks total, assuming my credit score meets the criteria for the $12,000 bond. However, I found that the law that concerning contractor registration requirements for owners of property would wipe out the need for a license in WA is still on hold in legislation: http://app.leg.wa.gov/billsummary?BillNumber=1749&Year=2017  

Hello Jen,

Thanks for posting this on BP. I am also trying to create my first flip project but I ran into a wall with regards to needing a general contractors license with at least a 12k bond. in order to flip a home, the buyer will be on title and the title MUST show the license ID as well. This is for Washington state and I am aware of each states own rules and regs but was hoping you can share if you purchased a license first and THEN found licensed contractors to do the work in Michigan or?? If states require the GC license and a bond and whether the buyer with the hard money has any experience with construction, it seems like an unnecessary law. 

my $.02

Scott

Okay that is about what I figured. Thank you

I see this post title is a pretty involved conversation about Florida and I don't mean to jump in and stir things up but I believe it is a state by state basis. As a wholesaler in my state of Oregon, I recently learned from a real estate attorney that by definition wholesaling is in fact illegal here. The law is vague but the language includes wording like this: "any un-licensed brokering or involvement with selling or marketing real property is illegal". The gray area is why is it such a popular entry point for newbies in real estate and if it's illegal, one would think it is necessary to police every wholesale transaction? For myself, I am now deciding to spend the $300 to get my RE license, knowing I can sleep after doing a wholesale deal.

My $.02

Scott

Be sure to get a non-circumvent agreement signed by your wholesaler and have an attorney look it over. It might need to have something like .."The parties to this agreement warrant and affirm they may legally, and agree to hold one another harmless in the event they may not legally, pursue the purpose of this agreement."

Hello Everyone,

I'm fairly new to this site but have been in the investing trenches for the last few months now and have a question which is now becoming a grey area for me. As a wholesaler who locks up a property with a private seller, there is a line in the purchase and sale agreement for earnest money to be deposited within x hours or days of signing this contract. My question is, do I as the wholesaler put the EM check in escrow? If so, then why do I keep hearing from my potential buyers telling me not to write the EM and that they will do it? If I do assign the deal to an eager buyer, do they reimburse me for the EM check or do they write another one to the title company? If I can't find a buyer interested in the property during the inspection period and it is a non-refundable EM, am I out that EM? If so then i'm confused. Therein lies the grey area.

ANY feedback to this is worth its weight in gold.

Thanks in advance,

Scott