All Forum Posts by: Alain Perez-Majul

@Brent Coombs 

Some obvious advantages would be access to the MLS and not having to pay someone else fees for listing a property (if you were to). Or what if you simple ARE and agent, and want to wholesale as well?

Regardless of all that, however, we're ultimately not taking a listing contract or representing a buyer as an agent, essentially eliminating fiduciary duties. 

Moreover, you have it all backwards. Disclosing that you have a license is not to make you seem more legitimate or so that "the Seller is ENCOURAGED TO BELIEVE that their interests will be looked after"; on the contrary, disclosing can negative for the wholesaler since the seller might become distrusting of them since they are seen to have more real estate knowledge. 

As long as you disclose that you are licensed, are not working for them, and they understand you are buying at a discount for business reasons, there is no slippery slope. 

However, always keep in mind that working ethically and morally should always supersede any legal obligations! But when it comes to wholesaling with a license, there is no issue as long as you go about it properly.

Good discussion, appreciate the dialogue!

Originally posted by @Brent Coombs:

FIrst of all, that is completely unrelated to your first comment, where you mentioned that as a licensed wholesaler, for some reason you are under the obligation to list a property when wholesaling it from a seller. That is not true. Not only that, there are different ways to wholesale; you could buy the property outright and sell it to another investor, or you could assign the contract. So in the case of me purchasing a property outright, even if I'm licensed, wouldn't I have the fiduciary duty to myself as the buyer, much like an buyer's agent would to their client in a regular real estate transaction?

And like @Sam Erickson said, I'm not looking to list their property, nor do I have a listing contract with the seller. As long as I DISCLOSE I am licensed, as an investor, I can negotiate with a seller and buy a property with no problem. 

@Spencer Tribble

Welcome, Spencer! Glad to see you're excited and eager to get started. I myself started not so long ago, so feel free to reach out with any questions about the experiences I've had so far. 

@Brent Coombs You are not required to list a property as a "broker." You might be using the definition of "broker" differently than us in this case (perhaps you're talking about the managing broker in the firm, not simply an agent), but even then, there shouldn't be any reason for a broker, if wholesaling, to have to list a property. 

Shoot, I forget which one it is I used. I practiced with online questions, but now I can't remember if it was through Pearson VUE itself. My teacher had recommended it... Perhaps ask him/her about online practice questions? Wish I could be of more help, but it escapes my mind who it was through. I was told that the practice book that they sell (they had a copy of one at my class) is very effective as well.

This is fantastic information, Bill, thanks so much! You're right, it's definitely more complicated than just the accounting side or disbursing checks, which I naively thought it would be like. On the plus side, this really puts me on the right track; back to the drawing board!

Well, had I read this, my reply to Brian wouldn't have been necessary lol! We must've been typing them at the same time.

Thank you, Bill, for clarifying. If it's all that complicated, I'll have to look for an alternative!

@Brian Gibbons

Thank you for your two cents!

Is loan servicing more complicated than I previously thought? Is it much more complicate than handling the receipt of payment from buyer, getting it over to the seller, and handling taxes/insurance? I figure there are different varying amounts of "services" one can provide? 

Also, which entity deals with the licensing for loan servicers?

Thanks a lot for the Evergreen recommendation; I'm checking them out now!

Excellent, thank you Steve. I'l reach out to Bill!

Thanks a lot, @Bryan C.!! Yeah, hopefully we get someone to throw us a bone here soon :P