All Forum Posts by: Gregory Beaty
Gregory Beaty has started 2 posts and replied 23 times.
Post: Getting Busted in Ohio for Wholesaling and Praticing RE without a License
- Phoenix, AZ
- Posts 24
- Votes 5
Originally posted by @Tiffany Keogh:
Originally posted by @Account Closed:
so only licensed agents can legally wholesale and 95% of the wholesalers are committing illegal activity if they don't take an equitable title position ? Is that the conclusion?
Not sure about others, but they make the law very clear here in Texas, and I am going to get my license BEFORE I conduct any type of RE transaction where I expect to get paid. Its always highly recommended that you have a real estate attorney, which Im sure can help protect you in court, but I would rather stay out of the "grey" area, keep my reputation intact and be licensed just to be on the safe side. Thats just my professional choice.
You must remember that that license alone is not worth the paper it's written on. Without a Broker to hang it with, it's of no use to you. The key will be finding a Broker you can hang you license with and do your transaction without having to do a commission split with. This is my problem at the moment. I'm in Phoenix, AZ. I've been seeking a Broker who will allow me to hang my license so that I can legally do the business. So far, when I call Brokers I'm either told "Nope! That business is shady and hurts the real estate professional as a whole." Or I'm told "Sure! I'm happy to be your broker, for a 70/30 or 60/40 split..."
Post: Who to choose for web hosting & email?
- Phoenix, AZ
- Posts 24
- Votes 5
I've spent the last week building out the tech for our REI company.
I'm using Google Apps.
Email/Sites/Drive/etc etc etc.
Domain name is $12/yr
Professional apps/email is $5/user/month.
I've been super happy with it so far.
Post: Getting Busted in Ohio for Wholesaling and Praticing RE without a License
- Phoenix, AZ
- Posts 24
- Votes 5
Well, that was an interesting 22 pages of reading. Seems a lot more "experts" on both sides of the isle giving their (conflicting) "professional opinions" than anything else.
Here's where I'm at. A business partner and I are starting a company now. To protect us, I got my RE license in the State of Arizona. She is not licensed. I figured, if I have a license I may or may not be less likely to get us into any trouble.
Now here's my problem. I obviously have a worthless piece of paper without a licensed Broker right? So I've contacted Brokers. I'm being told "Sure! I'd love to be your designated Broker, hold your license and support you in all of these deals. Just so long as you're bringing me a commission check for each property you wholesale."
Please forgive my ignorance, but, doesn't this kind of defeat the purpose here?
I have to pay sales tax and capital gains tax on a double closing, plus closing costs, plus a commission to the Broker. Can anyone tell me I'm seeing this incorrectly and help me get a better idea on this?
Thanks everyone!
Greg