All Forum Posts by: Andrea V.

Quote from @Andrea V.:

I am a realtor in Chicago and have been doing research on wholesaling. My current brokerage isnt wholesale friendly but in IL you can still wholesale 1 property in 12 month as an individual. 

I plan to do this since I do not want to leave my current brokerage just yet, but I am afraid of getting sued by the seller or messing up something on the legal side. 

Can any one provide clairty?

Regarding the Illinois law. If you are unlicensed you can do one "assignment" per year.  Assignment meaning getting a property under control and assigning that contract to another buyer for a profit.  That is how the law defines wholesaling in Illinois.   Assignments are only one way of wholesaling though. But since you are licensed there's no limit to how many assignments you're allowed to do.

Regarding your brokerage- I guess your question is do you have to run your wholesale deals through the brokerage or can you do it on your own without the brokerage involved.  We typically do not run deals that we control through our brokerage. Deals we control meaning properties we own or contracts we control.  If we are facilitating an off market deal between two parties where we do not own the property or control the contract, we will run that through the brokerage.