Flipping Cleveland

[Jorvon Smith]

Hello BP family,

I currently live in SoCal, however I am trying to wholesale and flip in other states, particularly Cleveland, Oh. I am not familiar with the Cleveland market, but my inbox is being flooded with Clv leads from fix and flips, to buy and hold. Looking for some advice as to; 1. How wholesale out of state 2. What are some of the laws regarding RE and Clv. and 3. Looking for anyone who is strongly familiar with the Clv market that can render any advice.

Any information provided will be much appreciated.

Many thanks and God Bless,

Jorvon

Psalms 37:23

[Andrew Isaacs]

I didn't try to go back and find the 2yr old thread, so apologies if this is redundant.  My wife's dad is an Ohio licensed RE Broker.  Here's a note (straight from the Ohio Division of Real Estate) that he shared with our investing team about a month ago:

This was in this month's Division Of Real Estate newsletter.

BEWARE: Seminars That Teach Unlicensed Real Estate Activity
The Division’s Enforcement section wants all licensees and the general public to be aware of individuals, groups, training seminars, coaching programs or otherwise, which may be providing instructions on how to circumvent real estate license law. (Please see R.C. 4735.01 for a list of activities which require licensure.)
Beware of seminars that provide instructions on wholesaling and option purchase contracts. Language included in these schemes include: “tying up the real property,” putting the house in contract until a buyer is found, and placing the home in contract for the purpose of re-selling the property. Despite what is being taught at these seminars, a real estate license is required to engage in these activities.
The seminar instructors advise attendees that they can place a property in contract or an option to purchase, at which time the attendee can then market and re-sell the property for a pro?t. The instructors also advise attendees how to bring buyers
and sellers together through the use of an “assignable contract” for a fee. It is the position of the Division that, pursuant to Ohio law, the aforementioned activities are those for which an Ohio real estate license is required. However, licensure
requirements or the potential requirement for a license is not conveyed to attendees of these seminars, presentations or coaching programs.
Pursuant to R.C. 4735.052, the Ohio Real Estate Commission may impose a civil penalty up to $1,000.00 a day for unlicensed activity. Each day a violation occurs or continues is a separate violation. For example, under most circumstances,
if an individual is involved in unlicensed activity for one month, a civil penalty of $30,000 may be issued.
You may ask, “I’m a licensed real estate broker (or salesperson), why are you telling me this?” R.C. 4735.18(A) (34) provides that discipline may be imposed on a licensed real estate broker or salesperson for authorizing or permitting a person to act as an agent in the capacity of a broker or salesperson who was not then licensed as a real estate broker or salesperson. Steer clear of any individual, group, organization or otherwise that is promoting unlicensed activity such as what is mentioned above. Be very careful you are not working with a person engaging in unlicensed activity, and if you witness this activity, feel free to notify the Division.