real estate license

[Omar Mares]

Hello i had a question about having a real estate license. so I have been searching for answers and I get many different ones, I have asked a few different people asking If I really do need a real estate license to start wholesale or if it is just a need if I want to be an agent. I am located in Oklahoma and I would very much appreciate it if anyone who is from here or has communications with someone from Oklahoma if they could help me out or give me more information about it. 

[Nathan Gesner]

Quote from @Omar Mares:

Wholesaling doesn't require a license because one doesn't exist. In fact, most states probably consider wholesaling an illegal activity because wholesalers are not licensed to sign contracts on behalf of others, yet that's exactly what they do.

It's very difficult to catch someone in the act of wholesaling, particularly if all parties agree to it and there are no complaints. That's how they get away with it.

[Omar Mares]

Quote from @Nathan Gesner:

Quote from @Omar Mares:

Wholesaling doesn't require a license because one doesn't exist. In fact, most states probably consider wholesaling an illegal activity because wholesalers are not licensed to sign contracts on behalf of others, yet that's exactly what they do.

It's very difficult to catch someone in the act of wholesaling, particularly if all parties agree to it and there are no complaints. That's how they get away with it.

 So would you recommend I try whole sale? Or why is it even a part of real estate if it is considered illegal, I would like to get into real estate to one day fix and flip but I know that takes a lot of money that is why I am interested in whole sale since it is a way to make a good amount of money 

[Chris Ayars]

Check your state laws regarding real estate. Virginia just passed a law requiring wholesalers to have a real estate license. Oklahoma may already have one in place or may be working to put one in place.

[Sherry McQuage]

In my part of NC, the MLSs are writing rules to ban wholesalers from listing a property with an agent.  I think wholesaling started out as someone exploiting a "blind hole" in the existing real estate process....eventually, enough people felt they got scammed and made some noise.

The handful number of deals I listed from a wholesaler were enough to convince me that I don't want to list a property brought by a wholesaler...they don't yet own the property, and they try to make money off the ignorance of the "owner of record".  With the expansive reach of online real estate data, more people can see more details about a property. 

At one time, wholesaling probably brought some value to some people.  Now, I think you need to figure out a different way to make money.  The market has changed; the amount of information available online has exploded.  "Improvise, Adapt, Overcome" has never been more advisable.

Best to you, and I hope this opinion helps in some way.  Maybe look around and see what "stumbling block" others are having and create a solution for that.  

[Jonathan Greene]

You don't need a license in most states, but you appear to know very little about wholesaling so why are you thinking that is the way to get started? It's probably the worst way to get started for most people and requires money for marketing to even make a dent.

[Omar Mares]

Quote from @Sherry McQuage:

In my part of NC, the MLSs are writing rules to ban wholesalers from listing a property with an agent.  I think wholesaling started out as someone exploiting a "blind hole" in the existing real estate process....eventually, enough people felt they got scammed and made some noise.

The handful number of deals I listed from a wholesaler were enough to convince me that I don't want to list a property brought by a wholesaler...they don't yet own the property, and they try to make money off the ignorance of the "owner of record".  With the expansive reach of online real estate data, more people can see more details about a property. 

At one time, wholesaling probably brought some value to some people.  Now, I think you need to figure out a different way to make money.  The market has changed; the amount of information available online has exploded.  "Improvise, Adapt, Overcome" has never been more advisable.

Best to you, and I hope this opinion helps in some way.  Maybe look around and see what "stumbling block" others are having and create a solution for that.  

 thank you very much, and yes your opinion helps very much since I am able to understand your view about it. I was really wanting to get opinions about it and I always love to see how people think in their ways and views about a topic 

[Crystal Smith]

Quote from @Omar Mares:

Hello i had a question about having a real estate license. so I have been searching for answers and I get many different ones, I have asked a few different people asking If I really do need a real estate license to start wholesale or if it is just a need if I want to be an agent. I am located in Oklahoma and I would very much appreciate it if anyone who is from here or has communications with someone from Oklahoma if they could help me out or give me more information about it. 

 Much depends on the state you are operating in and how you define wholesaling.  In the state of Illinois you can do one assignment per year without a license.  Assignments are a wholesaling strategy.  I haven't looked lately at what the law says regarding fines but it use to say that on the 2nd occurrence, the fine is $25K.   

If you get a property under contract, close on it, & immediately sell, then you do not need a license.  This is also a wholesaling strategy.

I don't know the law in Oklahoma. Hopefully, someone with experience from Oklahoma will respond to your post.  If they do not, I submit it's quite easy to do an internet search to find out what restrictions there may be in your state.

[Lara White]

Hi @Omar Mares It's illegal in Oklahoma to wholesale/sell real estate in any form (unless "for sale by owner") without a real estate license in Oklahoma. Went into effect several years ago (2021). I think Oklahoma was one of the first states to do it.
https://oklahoma.gov/orec/resources/blog/wholesale-act.html

[Tracy Streich]

@Lara White is correct.  In Oklahoma you do need a RE license to wholesale real estate contracts.   

[Tanner Lewis]

You don't need a license to wholesale, and it can make it more complicated if you do have a license.