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Updated almost 11 years ago,

User Stats

11
Posts
1
Votes
Solomon Oh
  • Real Estate Investor
  • Steilacoom, WA
1
Votes |
11
Posts

Legal ramifications of Wholesaling

Solomon Oh
  • Real Estate Investor
  • Steilacoom, WA
Posted

Dear members of Bigger Pockets in Washington state-

Before jumping into wholesaling, I wanted to make sure all of my ducks were lined up in a row. I spoke to a lawyer about my contracts and the legality of this enterprise known as "wholesaling". He was concerned with the practice and thought I was "equity" skimming and essentially planning to defraud consumers out of their money.

I came across the Washington State Attorney General's page http://atg.wa.gov/hb2791prjune08.aspx#.UyfgGfldWJE

and it does seem that wholesaling could be questionable.

Is there ANY legal information/experience someone could provide me with that could help me calm my nerves and get started? I am really excited to start, but do not want to face any legal issues... such as end up in jail or pay damages up to 100k.

Thanks,

Sol

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