Illegal Wholesaling in Georgia

[Raven M.]

I need an expert's advice on the matter of wholesaling. Particularly in the state of Georgia. I'm still a novice attempting to grasp these concepts...As a wholesaler, when you assign or sell a contract to an interested buyer, (and are not principle in the transaction) should you require a license? Also if you as a wholesaler never introduce a broker, title company/or closing attorney into the deal, (or you attempt to act as a broker yourself) should this be cause for alarm as a buyer? (Especially if the wholesaler does't present a broker's license?) Or is it the buyer's job to introduce a title company, broker etc?

Lastly, where can I find the laws pertaining to wholesaling in the state of Georgia?

[Steve G.]

@Raven M. - I'd suggest a visit to your local REIA first, and then after speaking with other investors and wholesalers about the process, book an appointment with an "investor friendly" attorney (someone at the REIA or Meetup group should be able to recommend on for you) for a consultation. Make a list of your concerns and explore them before starting out - failing to understand and comply with the laws of your state is not a good way to start out.

There are a lot of misconceptions and falsities surrounding the subject of wholesaling, and most certainly you need to be very careful not to be brokering without a license. If you have the ability or desire to get your license, so much the better, but for the most part, if you follow the rules, ensure complete transparency with everyone you deal with, be respectful of those you're "genuinely" trying to help  . . .  you should be OK. 

Working "with" investor friendly Realtors is also a great way to learn what you can and cannot do - talk openly to those who work with Investors - and be cautious about working with those who don't understand our business.

Regarding the laws in your state, the following may be of help, but it's unlikely wholesaling will be mentioned specifically.

http://www.grec.state.ga.us/about/grec.html

http://statelaws.findlaw.com/georgia-law/georgia-p...

Hope this has been of some help - PM me if you would like to discuss further.