Starting in wholesaling!

[Samantha Cunha]

Hello everyone! My name is Samantha and I'm new to wholesaling. I'm super excited and ready to work hard! I've been doing all my own research and been soaking up information like a sponge! My question is prior to getting out there and looking for buyers do I need to do anything? Such as get a LLC? Or would I be able to put everything under my name?

[John Thedford]

@Samantha Cunhayou got good information @Bill Gulley. RE is a great career and a way to build sustainable long term wealth. Go look at the previous threads about wholesaling in OH. Many people got large fines. "Wholesaling" is borderline brokering without a license. Florida is coming down on people for this practice. Yes, you can put a property under contract and assign the contract for a fee. Where the line is crossed is when the "wholesaler" advertises the house, offers to show the house, etc. That is then RE brokering and requires a license. Go to myfloridalicense.com, click on unlicensed activity, and then "search unlicensed complaints". IMO, you do NOT want your name to appear there. IMO, that is a black eye that will always be available for the general public to see. That does not take into account that you could be charged with a felony, fined up to $5000, etc. I recommend you contact DBPR, real estate division, and find out exactly what you can and cannot do to avoid problems. I am told that at least two local "wholesalers" are now facing accusations by the state for brokering without a license. Don't believe everything you hear or read on the net. Talk to regulators and find out how to stay legal. There is a lot of bad information not only on BP, but bad information also being TAUGHT at some REIA meetings. Laws and enforcement vary state to state therefore, advice or actions by someone in NY or CA may be perfectly fine but may not be in FL. Learn to earn!