All Forum Posts by: Jarett Echevarria

@Jarett Echevarria , when you close then resell, you do not need a license. You are the buyer when you close, you are the owner when you sell. 

I think you should have an agent representing you, but there is nothing illegal about representing yourself on the buy or sell side of things. 

The legalities come into play when you don't own the property, but you're trying to find someone to buy it. This is called Brokering without a license, and is illegal in all 50 states. The states decide how much they are going to enforce these laws, and Florida and Ohio have decided they are going to jump in with both feet and enforce them.

I am a big proponent of buy and hold. Get enough of those and you will have financial freedom. As to FL statute 475.43 it appears the state is trying to close the loophole that most unlicensed brokers use. I am currently holding 12 properties and pulling in right at 14K a month in gross rents. What other business can you enter, borrow money for inventory, and pull in 170K a year gross. Another option would be HML. Returns can be excellent. My friend @Jay Hinrichs is THE MAN in HML. 

Mindy has it right. Close then resell. No license required. If you want sustainable income close and then rent it out.

Hi @Jarett Echevarria .

Florida has some of the most strict laws against contract assignment wholesaling. You can always put a property under contract, close on it, then resell it. That is not against the law.

My first deal was a live in flip. I bought an ugly condo, fixed it up while I lived in it, then sold it for 50% more than I paid for it. I lived in it for 4 years, so I paid $0 in capital gains. I like keeping my money in my pocket...

Read FL chapter 475.43. The state is cracking down on unlicensed brokers.  The presumption is of guilt and the unlicensed broker must prove that they are not operating as an agent. Every complaint I have filed has been found to be legally sufficient. I turned in five last week to the state.

Hey @Jarett Echevarria I'll leave finding motivated sellers for someone else in the community to answer.  For. cash  buyers auctions are by far my favorite way of finding high quality cash buyers. There are two types of auctions that you want to attend. First, are on-site house auctions. Heres how is works. Sellers often hire a auction company, which advertises the property for sale and typically hosts maybe one open house to show off the home. Then the property goes up for sale on auction day. On auction day investors gather at the house, walk through it one more time and then the house is auctioned off to the highest bidder. Now the terms at these auctions are usually $5,000 Deposit in Cash or Certified Funds due the day of auction; balance to 10% due within 5 business days, and Close in 30 days. Everything sold “As Is, Where Is.” No warranty or guarantee is expressed or implied. All sales are final. The reason I want to go over these terms with you is because they give us insight into who the buyers are. One thing we know is that they are cash buyers because that need to have a 5k deposit, the balance or 10% within 5 business days and be able to close within 30 days. In addition to them having money they purchase property “AS IS”. This means that they have the resources and means to complete the repairs and they are experienced enough to determine rehab cost without hundreds other people being involved. The less people you need to take to your wholesale deals the better. This is your ideal buyer. The second type of auctions I want you to attend are building material auctions. These auctions sell everything you can think of related to houses. Doors, hardwood floors, titles, tools, windows, appliances, kitchen cabinets, counter tops, and much more. These auctions are filled with landlords and rehabbers. They are there purchasing materials at wholesale prices so why won’t they want to buy houses at wholesale prices. Hope this helps.