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Updated about 4 years ago on . Most recent reply

User Stats

203
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33
Votes
Allison Meggison
  • Realtor
  • Bangor, ME
33
Votes |
203
Posts

Anyone in Maine? Preferably Bangor or Portland Maine?

Allison Meggison
  • Realtor
  • Bangor, ME
Posted

Help !! I need more fellow wholesalers in Maine!!

Most Popular Reply

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3,412
Posts
4,013
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Charlie MacPherson
  • China, ME
4,013
Votes |
3,412
Posts
Charlie MacPherson
  • China, ME
Replied

@Allison Meggison  Just be aware that wholesaling as commonly described here on BP (contract assignment on a property that you don't already own, with a markup to another party) is illegal in Maine - and most other states.

Penalties here are $2,000 per incident plus forfeiture of all profits.  Lots of people are doing it, but all it takes is for a disgruntled family member to file a complaint.

If you actually close and then re-market the property, you're in the clear.  If you close on it and rehab it, you're not only in the clear but you'll also add value and in that case, everybody wins.

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