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Illinois Real Estate Q&A Discussion Forum
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Updated 12 months ago on . Most recent reply

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Vladimir Fefer
  • Investor
  • Chicago, IL
1
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Wholesaling in Chicago and Illinois - still viable?

Vladimir Fefer
  • Investor
  • Chicago, IL
Posted

I'm curious as to whats happened to people that were previously wholesaling a lot in Illinois now that the new law (referenced here - 
https://www.biggerpockets.com/forums/93/topics/745421-new-illinois-wholesale-law ) has settled down. 

Are folks getting licenses? 

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Jonathan Klemm
  • Contractor
  • Chicago, IL
2,493
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Jonathan Klemm
  • Contractor
  • Chicago, IL
ModeratorReplied

@Vladimir Fefer - I know a couple of wholesalers who went ahead and got their licenses - its the right thing to do to avoid trouble.  Also, I know a handful of managing brokers who are now marketing to wholesalers to get licenses and join the managing brokers company.

Personsally, I don't think any drastic fines will happen for quite a while (6 months to a year) until as @Eric M. stated people figure out whats going on with the law and how to manage it.

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