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Updated over 3 years ago on . Most recent reply

User Stats

5
Posts
6
Votes
Lena Oeun
  • Real Estate Agent
  • Philadelphia, PA
6
Votes |
5
Posts

Wholesaling in PA: Need License... Should I steer away?

Lena Oeun
  • Real Estate Agent
  • Philadelphia, PA
Posted

PA passed a law that To wholesale, you need a wholesale license (cost $500.) In Philadlephia, you need to be a licensed realtor to be a wholesaler...

Pro: With restrictions leads to lower competition overall.

Con: You are obligated to disclaim your role as a realtor and wholesaler. And you need to disclaim the estimated value of the property.

Conclusion/Question: is it worth getting into? Should I just do virtual wholesaling elsewhere? How much does this change the wholesaling industry?

Not looking for ONE answer. Just wanted to strike a conversation and learn from there.

Most Popular Reply

User Stats

469
Posts
194
Votes
Chris Bounds
  • Investor
  • Sugar Land, TX
194
Votes |
469
Posts
Chris Bounds
  • Investor
  • Sugar Land, TX
Replied

PA isn't the first state to do this and there are many others considering it.

This trend will continue. 

If you plan on actively being in real estate for years to come, getting your license can only benefit you. 

How do I handle disclosures?

"Mr. Seller, I am a licensed real estate agent and not someone who took a weekend bootcamp that just wants to tie up your property without any earnest money and steal your equity. During our appointment we'll discuss a few options to consider, including selling it quickly and in as-is condition, a traditional listing, or maybe something different. How does that sound to you?"

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