"Offer to Purchase, and Assignment" Rules in Wisconsin

[Kole Kingslien]

Hey guys,  

I'm a starting investor in southern Wisconsin,  and just closed on my first deal in Beloit Wisconsin. My first deal was fun, the numbers were great,  and I have an excellent tenant. Now that I have my first deal in the books, I am out of money, but I do not want to stop building my portfolio, so I have been looking into some of my options.  I have now decided that I want to do direct mail marketing in order to generate deals that I can buy and hold via seller finance,  or lease option,  or wholesale,  to raise capital for my buy and hold goals.  I have been talking to some people who brought up some concerns,  so I want to see if you guys have some insight.  My questions are:

Do I need any special licence to to wholesale,  or to submit a purchase contract(I heard that you needed a licens in order to submit an offer to purchase)?

Are there any details or legal problems I may not be aware of? 

As they say,  "you don't know what you don't know ", so I'm just looking for some insight from fellow Wisconsinites, who may have done the same type of thing. 

Thanks for the help! 

[Chris Heeren]

Wholesaling is a Grey area in general. If you are sending out letters to buy houses for yourself, there isn't any need to have a license to submit an offer (if it's off market). 

If you have any deals you would like to wholesale, shoot me a message. I'm a cash buyer in that area ;)

*** After looking at the house you bought in Beloit. You may want to rethink wholesaling all together. In that area of town, investors are trying to be All In for about $25K-$30K after rehab is done. Typically buying them between $10K-$20K which means you would need to pick them up for less than that to make a profit. I wouldn't be willing to pay anymore than half of what you paid for it and that's if it was move in ready.