Virtual Wholesaling and choosing a market

[Zachary Martin]

How does one choose a market to wholesale in? I live in the bay area and I want to virtual Wholesale. I have looked at markets in the midwest such as Omaha or Kansas city but I have yet to decide.

[Mark Maly]

According to the department of real estate, you have to be a licensed agent to market any property you are not the current owner of.  You have to be on title to be considered the owner. They don't care about any of the other ways around it that investors try to use like "equitable interest" since you have a signed purchase contract with the owner.

I've had really good convo's with Greg Lemon the Director of the real estate commission along with a few other guys on the commission.  Did a few conference calls with them and an attorney.

You can easily find attorney's that would argue that you don't need to be licensed to market a property and find ways around it.  But at the end of the day, the commission is the judge and jury so its best to play by their guidelines.

We both know a ton of people wholesale without being licensed and never get in trouble. It's just one of those things if the commission catches wind of it, you know what their opinion is on it and could issue a cease and desist, fines, etc.