Wholetailing without a license

[Zahrah McFadgen]

Hello. Quick question. Do I need a license to buy and wholetale a property?

[Mike Cumbie]

Hi @Zahrah McFadgen,

DISCLAIMER: Not legal advice, just some ramblings of some dolt on the internet :)

The getting the property under contract and selling the contract is often practiced (equitable interest as Patti explained). The other problem new people get into is marketing the house not the contract. For instance if you try and sell 123 Main street a 3 bed 2 bath house on Craigslist without a license. You are violating the law. If you send a copy of your contract to some people on a personal buyers list you may be OK. I'll let the lawyers and politicians give a final ruling

However you can always buy the house with private money/mortgage at a certain price and sell it right after. As the owner you are allowed to buy and sell your own stuff. 

The other option is to pay $89 for an online class, $50 for the class test, $50 for the state test and join a no/low fee brokerage. VIOLA you have your license (Do not join the board as that is $1500ish a year unless you want to). Then find a house and put it under contract to sell (no interest in the property just selling it for a fee or commission). Put signs in the yard, newspaper ads, TV ads, flyers whatever you want. Don't just sell a contract to a private list, market a property to the public and try and get the most for it.

Once licensed you can also work for an investor trying to get properties at rock bottom prices and they pay the fee, you represent them not the homeowner. So you are trying to get houses as low as possible, if not, you talk the owner into letting you sell it to the public and adding them as a client.

Good Luck in your business!