Wholesaing in virginia

[Noesha Ferrell]

Hi guysss im wondering is someone could tell me if wholesaling is legal in virginia?? I see a lot of information saying it is not then some that say only one wholesale a year is this accurate? THANKS IN ADVANCED!

[Maurice Smith]

@Noesha Ferrell It's important that you consult a real estate attorney for yourself if you have legal questions. Only an attorney can give you legal advice. 

That said, in my experience Wholesaling is legal in Virginia. We for instance, use a number of title companies (run by licensed attorneys) that have their own standard wholesaling contracts that have the appropriate disclosures and close them regularly. 

You are going to find what you stated above on this platform; those that say "no" and those that say "yes." If they are not attorneys, then they are only opining and telling you what they think, or what they a have been trained, what their broker told them, or association, etc. I had some of the same questions initially.

So I sat down with an experienced real estate attorney and talked through the specifics of wholesaling, what would be considered brokering, what would not, what disclosures are appropriate, etc. I'd also recommend attending a local REIA meeting and getting to know the folks there. You will find wholesalers, buy-and-hold investors, flippers, note buyers, hard money lenders, etc.

One of the main points of contention with wholesaling is intent and ability to perform. Money follows a good deal, if you can identify a good deal and build a good network you can be successful. Take time to learn what you are doing from others.