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Updated almost 8 years ago on . Most recent reply

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Alexander Santini
  • Port Saint Lucie, FL
1
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Wholesaling real estate by assignment of contracts in Florida?

Alexander Santini
  • Port Saint Lucie, FL
Posted

I've been reading a lot about wholesaling lately, and it seems like a great way to build some capital if you can hustle. My concern is the legality of wholesaling in FL, to cash buyers by assigning them contracts on deals i find. Does anyone have any prior experience they would be willing to share? Would i need to be a broker to do deals like this? If i did need to be a broker is there anyway i could use one i know and bring the deal to him/her along with a cash buyer to make it all legal? Just want to make sure i do things right before i start doing anything at all, thanks guys.

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John Thedford#5 Wholesaling Contributor
  • Real Estate Broker
  • Naples, FL
6,551
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John Thedford#5 Wholesaling Contributor
  • Real Estate Broker
  • Naples, FL
Replied

@Alexander Santini good move making sure you stay legal. Refer to chapter 475 FL statutes. If you do not have any financial interest in a property it is brokering without a license. That is a 3rd degree felony. My best suggestion is to contact DBPR with your questions to make sure your actions are legal. Assigning contracts that where you have equitable interest in is legal. The only question remains: what IS equitable interest. The state may be very subjective as to what is equitable interest. A $100 deposit on a $100K house may not cut it. Contracts full of weasel clauses probably won't work either. If you want to stay 100% legal, get title, then resell. No license needed, and no chance of felony charges either. 

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