Wholesaling As A Realtor

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Pooshan Kapil | @pooshan-kapil
Pooshan Kapil
Milwaukee, Wisconsin
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in Milwaukee, Wisconsin

Posted 1 Year Ago

4 Posts Total

Hello All!

I have been a realtor for about a year now and have also been researching wholesaling properties. I am located in IL where they have made it law that in order to wholesale you have to be a licensed.

I wanted to ask fellow IL realtors, if you are wholesaling, how are you going about doing this? Are you writing up your own contracts/having them written up thru a lawyer for wholesaling? Or using the standard contracts we get from our brokerages?

Are you implementing options contracts into the transaction?

Are you going thru Your brokerage to conduct the transaction or by way of being an investor are you simply going to the seller, putting the property under contract and closing or double losing with an end buyer and not involving your brokerage?

I just want to do everything legally and wanted to get everyone’s opinions/suggestions on how to go about Doing this the right way.

Thank you all!

Pooshan Kapil

Tracy | @tracy-caywood
Tracy
Jacksonville Beach, Florida
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in Jacksonville Beach, Florida

Posted 1 Year Ago

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Wow, that has to be tricky having to have a license as a requirement. I've been a Realtor- Wholesaler since 1998 and have always been very transparent – I've always treated them as 2 different businesses and kept the message to the sellers completely separate. I just never wanted to confuse the owners as to what my role is (agent or actual buyer). It is easy to get confused, I'm sure.

Tracy Caywood

Property M.O.B.

propertymob.com

Tony | @tony-silver
Tony
New Orleans, Louisiana
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in New Orleans, Louisiana

Posted 1 Year Ago

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I am not a realtor so don't have that issue but from people I know the key is disclosure. The advantage you have is that some people are better off using an agent and you are also able to offer that solution.

Tony

NOLA Cash House Buyer

www.nolacashhousebuyer.com
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