You’ll probably be a target for the state real estate commission because unlike many individuals “wholesaling” real property your insurance agency business make you highly visible. Unless you wholesale in a very specific way, with very specific intent, the commission will judge your activities as brokering real estate without a brokers license.
You seem to be interested in adding another business. That can be a good thing, or it can lead to a neglect of your insurance agency resulting in a decline in customer satisfaction, and a decline in profitability. Small businesses without much scalability are particularly difficult for an owner/operator to step back from and still maintain the same attention to detail, customer service and ultimately profitability.
There are numerous books written about “work on your business, not in your business”, etc. Works well for easily scalable business where the owner(s) has access to lots of capital. The reason it’s much more difficult for the small business owner to successfully implement is that qualified top end management is very expensive and not usually available to smaller businesses. Realistically the best you can hope for is a mediocre manager who is reliable , honest and able to follow instructions and has some people skills. Not going to be someone who you can give bottom line responsibility do. Those people earn $250,000 per year plus bonus, fully paid medical, and matching contributions up to maximum allowed for their company sponsored 401K. They often get stock options in addition.
In any case if you decide to try to get into wholesaling my suggestion is to do it legally, giving your business the best chance for success. If you try it as a sideline , weekends, type deal trying to do “one off” transactions to make a few extra bucks you’ll probably end up working for somewhere below minimum wage. So you need to do two main things most people entering the field fail to do
1. Obtain a brokers, or salesman’s license
2. Be prepared to spend $3,000- $5,000 upfront for a unique website, $5,000 per month or more for marketing, SEO and SEM, social media presence maintenance, etc., and more, perhaps much more for education.
Wholesaling businesses don’t have any significant value in the business resale marketplace, so no matter how successful you become, you have little or no “equity buildup”. There are a lot better business opportunities out there.
