Wholesaling in Ohio - How do other investors do it?

[Rick MacGills]

I'm getting into wholesaling in Ohio, and I've heard the horror stories of people being accused of brokering without a broker's license. Multiple sources have stated different ways to wholesale in Ohio, such as adding the wholesale contract to a trust and selling the trust. I don't have a broker's license, and as there are ways to stay legal and wholesale without a broker's license, I'd rather not get one.

In Ohio, what strategies have you used in wholesaling to keep the Department of Commerce happy so they won't nab you for wholesaling? I'm interested in hearing how you do your wholesale deals if you've been consistently wholesaling.

Thanks for your help!

[Paul Amegatcher]

Rick,

I am not an attorney so take this with a grain of salt.  It is always legal to sell something that you own, even if you only own for 5 minutes.  Double closings are legal.  Assignment of a contract is legal.  What is illegal is entering into a contract without the intent of closing or performing what the contract states.  The issue with wholesaling or assigning of contract that most people have are that some people advertise the property they have under contract instead of advertising the contract.  This is where you fall into the definition of brokering without a license.   If you are truly worried about all this then just get you realtors license and sleep with a peace of mind.