New Wholesaler: Dilemma and Thoughts

[David Washington]

Hello. I'm new to the forum but not particularly to Bigger Pockets. I have been lurking but have decided to get involved because of me and my wife's desire to begin real estate investing. My focus will be wholesaling and it is a focus. I do not and have no desire to buy and hold and I'm not particularly interested in doing fix and flips at this time. Wholesaling works better for my long term goals.

However, the one thing I'm seeing is almost an aversion to wholesaling. There is a sense that it's not that great or more it's like the red-headed step-child of real estate investing. To be honest, that's one reason I want to get into it; to figure out the ethical, honorable, and lawful way to do it and do it successfully. To be “that guy” that does it right through and through.

I live in Toledo, Ohio. In my research, I found that Ohio is cracking down and I can understand why. I'm convinced that to wholesale correctly, lawfully and ethically, it's better to get a real estate license, especially in my state. There are other reasons I have listed. I wanted to get around that by legitimately getting my real estate license before I do anything but now I'm betwixt two. I don't know if I can wholesale without splitting everything with my broker. I can't become a broker out the box but the reason for getting my license was to do wholesaling so I can disclose upfront what kind of agent I am, not to list homes in the traditional way or to represent myself as a buyer when, in fact, I'm not. However, you have to have a broker sponsor you in order to get your license. 

My question is do I, in fact, have to split my wholesale fee with the broker? Is this on a broker by broker basis which each broker having different criteria (I'm assuming it is)? Anyone a real estate broker or real estate agent who would have an answer to these questions?

Thanks ahead of time. God bless.