All Forum Posts by: Teren Cooley

Thanks Jason.  Seeing as I have little to no knowledge on the subject, I respect your advice.  But on the other hand, I found it hard to believe that the entire "wholesaling" thing is a complete sham.  I just did a little searching and there's a ton of conflicting information out there.  It seems to me that there are a lot of people doing it successfully, and legally.  There are also other people claiming it's illegal in every sense.  I've got a feeling that the truth lies somewhere in the middle, so I plan on exploring further.  I have no intention of getting myself into legal trouble, but I'm not willing to completely abandon the whole idea.  Thanks again for your reply and if you have any further info to share I'd love to read it.

I definitely understand the logic behind the law.  I've actually never taken any how-to wholesaling courses, or even done a wholesaling deal.  And I certainly haven't given any of my hard earned money to a so called "guru".  I'm just trying to make some side money as a small time real estate investor.  But I have heard of wholesaling and done some basic research recently trying to figure out how to make this current deal work, so I am quite certain that some people have made it work, presumably legally.  When you say "to conduct real estate exactly like an agent or broker" that infers a lot of grey area.  If you didn't get a chance to read the link in my original post, my question was:  If, instead of just getting the property under contract then turning around and trying to sell it without the intention of closing, I finance the property from the owner.  In other words, give him a down payment, set up a monthly payment plan, and close on the property.  Would I then be able to market and sell the property within the confines of the law without having to fully pay it off first?  Thanks for your reply  

I just came across an older thread about wholesaling in Florida that basically said it's illegal to get a property under contract then market and sell it without a broker's license.  This has me concerned as I have this exact type of deal on the table right now.  Luckily, if what this thread says is true, I haven't done anything illegal yet.  I posted at the end of the thread, link here, an idea for a potential workaround.  Anyone with similar experience in Florida or any other state please take a look and let me know what you think.  All help is greatly appreciated

I'm glad I came across this thread, as I was planning on doing exactly this with a property right outside of Orlando.  I understand the concept of the law, it just hadn't occurred to me until I read this, and I certainly don't want to get into any legal trouble.  I still want to pursue this deal, since the owner is willing to sell at my offered price and the margin could potentially be huge.  Unfortunately I cannot afford to buy the property outright, and since it's vacant land , I'm not going to be able to get a bank loan.  Hypothetically, if I were able finance property with a down payment and a monthly payment, would I then be able to market and sell the property within the confines of the law.  I know this could be seen as trying to game the system, but I wold be completely forthright with the owner about what I was doing, and if there's nothing illegal about it, it could be worth a shot.  Any advice would be greatly appreciated.

Hey guys, I'm in the beginning stages of learning to flip properties. Before I spend too much time looking and researching in specific areas I want to make sure I'm not gonna run into any huge obstacles along the way. For example, I've learned that the state of Vermont will impose a huge "land gains" tax on someone who buys and sells a piece of vacant land that isn't part of their primary residence within a 7 year period. There are also some states that require a judicial foreclosure if you finance the sale yourself and your buyer defaults, making the deal much more expensive and time consuming. Finally I know that there are some states that require you to go through a real estate agency for closings, whereas others will simply allow you to use a closing agency, saving you money on the process. Does anyone know of any more potential limitations that may make it too difficult to do business in some states. Or maybe the better question is, which states make it the easiest to do this kind of business? Thanks!

Hey guys, My name's Teren and in based out of Richmond, Virginia. I'm glad to be a part of BP and look forward to learning from you all.  Right now I'm in the early stages of raw land investing.  I've spent the last few weeks educating myself as much a possible and am now diving into market research (looking into different counties for investments, analyzing deals, etc.) and am gearing up for my first investment.  I feel like I've exhausted a lot of the online resources I've come across and would love any recommendations on books or active online forums that focus on land investing.  Any general advice is also more than welcome. Thanks in advance!