Wholesaling in Dallas

[Everett Marshall]

Very good friend of mine is a REA, he says it's illegal to wholesale properties in Texas. I lived in Dallas so i wanted to wholesale in that Hot market. Is he right? Is that illegal according to Texas RE law? Is there anyone else wholesaling in Dallas and being successful at it?

[Pratik P.]

@Tamara Batsell
When you sign a purchase contract with a seller, next to your name as the buyer, it'll say something like "and/or assigns as buyer". This basically says that you have the right to assign the contract over to someone else putting them in your shoes as the buyer. So this other person could close on the deal and take ownership of the property instead of you. 

This is 100% legal. Just don't go around marketing the property to people saying "i have a house for sale". A lot of real estate agents don't have a clue about a lot of investment strategies. I had one tell me that this trashed house was worth more because the tax assessor appraised it higher, not based on comps....

You'd be better off approaching real estate agents active on BP as they are more knowledgeable about these things.