OfflineI was discussing wholesaling with a “mentor” and he mentioned that you do not need cash buyers to do wholesaling and in fact if you do have a cash buyers list and you are not licensed you are illegally working as a broker. Well I have always heard that in wholesaling you must have cash buyers because you will not be able to wholesale a deal to a buyer getting bank loans etc.
He told me not to listen to those “phony gurus” because their advice will lead me down a road of trouble. He said the state of Oregon sued people who were operating this way? I have recently heard a lot about wholesalers brokering without a license and I was wondering are states beginning to go after those that are operating without a license? Is it now time that anyone who wants to be a wholesaler needs to get their license first?
Watch this video and bare with the audio as you can begin to understand the differences. http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/1570...
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
I like it & seonaid like the video says you can sall your interest in a contract to anyone that is not illegal. But dont say your fee is commission, it is a wholesale fee.
Dont take advice from agents legal advice that is, you wouldn't take legal advice from a dentist or an architect you would you? So don't take it from agents especially since they are competition & they want to shut us down for the most part.
Find an excuse to make it happen not an excuse to not make it happen cap'n!
Get it done. Dean n Matt would not suggest doing anything illegal also.
Tony
Go faster do more! GFDM!
As Dean would say, don't take advice from unqualified people. You first have to ask yourself is this person specialized in wholesaling or in real estate investing period. If not then I wouldn't take any advice from him regarding real estate. Like the video says posted above, your not making a commission, its a wholesale fee and you have the right to sell your interest on the property. Spend some times reading some of the posts in the section Deals completed and you will read about so many students of Dean successfully wholesaling all over the country without getting into any legal issues.
Reynold Orozco
There's so many times I've had agents, family, strangers, and whoever even if they've been in "real estate for 40 years."
YOU CAN teach an old dog new tricks.
Wholesaling is an assigning of rights to purchase a property to another party for a fee.
ALL CONTRACTS are assignable unless it states otherwise.
What do you think banks do when you don't pay a credit card off of $1,000.00 and all of a sudden you get a collection notice
From some random "BlahBlah, LLC" in the mail saying you owe $1200.00? What they did is assigned that debt to a third party to take it off their book to make them look good for a fee. Now it's a totally different system with how debts in banking work but that's what they do. Every area of contracts can do this. It's an EXIT STRATEGY.
So the reason why you need a license as a agent/broker is because you're REPRESENTING parties, not a party.
When you write your name and/or assigns you are actually involved with a live contract.
That's the difference. And what we do is have partners, not just "cash buyers" they're partners who handle the rest of the work for us finding a deal.
I'm sorry for all the caps but people need to stop listening to unqualified dream stealers.
Remember what Chris Gardner said?
"Don't ever let somebody tell you, you can't do something. Not even me. You got a dream, you gotta PROTECT IT. People can't do something themselves, they wanna tell you , you CANT do it. You want something, go get it. PERIOD. "
http://youtu.be/UZb2NOHPA2A
Adam Macias