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Updated over 2 years ago on . Most recent reply

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Jose Garcia
  • Flipper/Rehabber
  • Orlando, FL
2
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13
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Wholesaling as an EXP agent seems impossible, please help

Jose Garcia
  • Flipper/Rehabber
  • Orlando, FL
Posted

Hi everyone I'm hoping an investor who is also licensed as an agent can help me out with what this means for my future being a licensed agent and trying to wholesale!? doesn't seem like the state brokers i talk to want to help me, i am looking for a more creative way to go about things.

I am trying to begin wholesaling with my separate llc entity but it seems almost impossible to do so as an agent for EXP in florida. or maybe I'm not understanding this text in the attached photos. How can i go around this besides doing a double close? how do agents wholesale, what entity do you guys use and how is the whole agent world and wholesaling world able to co exist? i just don't want to get in trouble trying to wholesale deals being as i am an agent and whatnot.

Regardless i am going to do the required steps in the second photo, but how does everyone else do it? Do i really need to purchase insurance as well?

Most Popular Reply

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9,007
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Drew Sygit
#1 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
5,678
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9,007
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Drew Sygit
#1 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied

@Jose Garcia Would think that you could do it if you properly disclosed the true value of the property.

Anyone ever watch Pawn Stars (https://www.history.com/shows/...)?

Every episode goes like this: 
1) Owner/seller brings something interesting into the pawnshop for quick sale & cash
2) Rick, somehow knows and expert that can tell all of them what it is worth
3) Expert tells everyone the item is worth $x
4) Rick turns around and tell the owner/seller he can only pay $x-profit for the item
5) Owner/seller usually, but not always ACCEPTS LESS THAN WHAT ITEM IS WORTH!

So, what's the difference between a pawnshop and a real estate wholesaler?

They both serve a purpose or they wouldn't exist.

An agent trying to be a wholesaler would just need an ironclad disclosure(s) to minimize fiduciary-based lawsuits, understanding that someone will always sue.

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Logical Property Management.
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