Lease assignment being compared to brokering

[Jessica Marin]

Hello... I'm hearing from people the lease option assignments sounds like brokering... Can someone shed some light as to the difference? Or can someone explain to me how it can be done without getting in trouble for acting like a broker? Please... Thanks!

[Brian Gibbons]

Hi Jessica,

Florida, California and Ohio have enforcement people being vigilant about "activities of a licensed agent."  TX you can't do sandwiches due to fee simple title.  NC has tough laws re Lease options.

https://www.cga.ct.gov/current/pub/chap_392.htm

CT Sec. 20-325. Engaging in business without license. Any person who engages in the business of a real estate broker or real estate salesperson without obtaining a license as provided in this chapter shall be fined not more than one thousand dollars or imprisoned not more than six months or both, and shall be ineligible to obtain a license for one year from the date of conviction of such offense, except that the commission, in its discretion, may grant a license to such person within such one-year period upon application and after a hearing on such application.

If you get a license or if you have a licensed agent or broker in your company, I think that is the way to go. I would get a broker with a JD degree to be part of your company. Look at your REIA groups.

Lastly, you can have licensed folks offers of lease purchase and lease w option to buy and pay them.

Remember, if you are on title first, then you can buy sell or lease your own properties as a principal, without an agent.

@Jessica Marin