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Updated over 5 years ago on . Most recent reply
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Wholesaling in Illinois
I've been hearing conflicting accounts of what the newly signed law means for wholesaling in Illinois. Does it require you to have a license? Must you be sponsored by a broker? I've been heavily considering wholesaling and want to make sure I'm not starting off going down the wrong path.
Most Popular Reply
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Jason:
It looks like the Illinois Board of Realtors got everything they wanted in the new wholesaling law. They basically cut everyone else out. If you and/or any entity you control does more than one wholesale deal a year in the state of Illinois, you need to be a licensed realtor. If you choose to get a realtor's license you must comply with the agency placement aspect of the license.
In my OPINION, one of the issues the board of realtors was attempting to address, was the Real Estate Gurus who run "Be a Wholesaler Student Mills. These are like puppy mills in that they turn their students loose and accept no responsibility after the $30k HAS BEEN PAID TO THE GURU.
After everyone of these Gurus has come to town we pick up five or ten students who want to network with the other five or ten new students and get to wholesaling.
Also, In My Opinion, buy, hold, lease and flip are the best money making operations in this business.
Buy and Flip to make short money. Buy and Hold to build long term wealth.