Bad News for Chicago Wholesalers

[Grant Viola]

JB Pritzker just signed a bill limiting 2 properties for every wholesaler here in IL. 

At ILGA.gov you can read the letter of the new law in SB1872 - as amended - Section 1-10 (5)

"(5) Whether for another or themselves, engages in a pattern of business of buying, selling, offering to buy or sell, marketing for sale, exchanging, or otherwise dealing in contracts, including assignable contracts for the purchase or sale of, or options on real estate or improvements thereon. For purposes of this definition, an individual or entity will be found to have engaged in a pattern of business if the individual or entity by itself or with any combination of other individuals or entities,

whether as partners or common owners in another entity, has

engaged in one or more of these practices on 2 or more occasions in any 12-month period."

[Eric M.]

Doing more than 1 deal a year probably eliminates 95% of people who call themselves wholesalers anyway.

I think the workaround is follow the law. If this is your business, get the required license or partner with someone who has a license. Getting a RE license is not that huge a barrier to entry to become a wholesaler.