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Updated over 5 years ago on . Most recent reply
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Wholesaleing in Omaha, NE. Is it really legal?
Ok so I was introduced to real estate investing last year. I had very little capital. I came across wholesaleing. And I thought that sounds great! I was not fully informed or educated on it at the time but went ahead and moved forward with it. I came across a local wholesaler and paid for a mentorship program which I will say has not gone that well so far. I have done some further research and spoke with an attorney. What I have gathered is that it is not legal. But there seems to be some grey area. And I know there are a bunch of people doing it. Interested to hear your feed back and knowledge on this.
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I think the next obvious question is, if assignment of contract by an unlicensed person is not an "above board" transaction, why is the real estate commission allowing title companies to complete these types of closings?
It would seem that the easiest way to snuff out these "small fires" is for the commission to explicitly direct title companies and attorneys that they are not allowed to complete assignment transactions with unlicensed wholesalers. Much easier than trying to herd cats by chasing around wholesalers. This seems like an easily solveable problem to me, unless I am missing something?