Wholesaling in Ohio

[Jason Hernandez]

Hey Guys,

 I am interested in starting to wholesale and do lease option assignment deals in Ohio. i was wondering if anyone is doing this and if so if your using a realtor. I have heard alot of news that the states real estate commision is cracking down on unlicensed brokering. I have heard mixed thoughts on this from so called "gurus' stating that you can market a property as long as you are principle in the transaction and have equitable interest. Others say it doesn't matter you still have to have a license or have a realator. I wanted to get some thoughts on this and see what the best practice is.

Thanks,

Jason Hernandez

[Darrin Carey]

@Jason Hernandez 

There is a long thread on wholesaling in Ohio here:

 http://www.biggerpockets.com/forums/93/topics/9578..

After you've read it, you'll know as much as the rest of us, and be just as confused. 

Currently there is no "right" answer. There are a lot of interpretations of what the current law means. I expect a definitive answer will require a court case. There has not been one.

Overall there are three camps of people,

1. Those who say you must have a license (a large percentage are agents, and NAR)

2. Those who say you don't need a license at all (mostly wholesalers and Guru's)

3. Those who say you don't need a license, as long as you only represent your own interest, and don't act as an agent by representing someone else's interest.