All Forum Posts by: Luis Herna

The new law in Oklahoma for wholesaling activity called "Predatory Real Estate Wholesaler Prohibition Act"states  that an equitable interest (a wholesale or assignable contract) can not be PUBLICLY MARKETED as shown below. So if this means that a person without license can PRIVATELY market an equitable interest?

Any Oklahoma layer here that can explain this

Quote from @Jonathan Greene:

You can't market wholesale deals on social media. You can only send them via an email list with a disclaimer. Especially so in Texas because the rules for on-market advertising by agents is one of the most stringent in the country.

Ok understood . Please notice that on my post I did not disclose addresses or anything that shows the real property. For example, a post may say:

We have a deal in dallas texas,
a complex apartment - 400 units Class A.
huge cash flow.

In the above example, we are not claiming we are the owner of the prop, we are not claiming to have a equitable interest in the deal. No property description is shown.

Any advise on this?

I read the wholesaling is legal in Texas but what are the restriction. Can someone give me some advise? also how can I market deals as a wholesaler in social media? For example, is it legal placing the following statements:

Disclaimer:
1. We will be selling our equitable interest in the property shown on this post or email.
2. We do not have legal title for any of properties we display in our social media channels.

Luis.. 

Does someone here knows about wholesale contract for commercial?

I need help with wholesale contract for commercial properties in texas. I need to make sure there is a clause freeing me from any obligation once assigned in case buyer back out the deal.  Can someone give me some advise how the clause would look like?

Quote from @Ronald Rohde:

There is some debate as to how to new laws will be enforced. There were clarifications/changes effective Sep 1, 2017. I would just point out that you must make clear you are selling the interest to purchase, cannot advertise the underlying real estate (as that would require a license).

What I read on the Trec rules was that as long as both party knows that it is an assignable deal (wholesale) there is not a problem.

I am sorry but why is that? By assigning the contract to the The end buyer, he should be responsible since he is the one making the commitment to buy the property not me. 

Let say I find a deal to a buyer then we decide to submit a PSA with seller, so buyer signed me the assignment agreement, I submit the PSA to seller, once seller sign, I have 3 days to submit the EMD so do I have to provide the EMD or the buyer should provide the EMD?

The RE law in Ok and Texas clearly states that an LCC employee can find eals and help in the transaction. Can someone give some suggestions about it?

Quote from @Evan Polaski:

@Luis Herna, you can always act as a consultant.  But consultants are paid regardless of outcome.  I am not a lawyer or know the nuances of licensure law to this level.

That being said, I would imagine that if you signed contracts with clients that they will pay you $5,000/mo or $250/hr, or whatever you agree on, for consulting services, that is between you and them.  But, they will owe you that money whether regardless if whether they buy a property or not.

It is when you tie your compensation to the actual closing of a real estate transaction, whether flat fee or percentage based, that would create trouble for you regarding licensure.

thank you for the advise but what about Employee
of an LCC who find deals and helping with the LOI and things like that like a consultant?. Regular employees make commission on what ever they sale. Texas and Ok clearly states that an employee of the LCC can find deals and help in the transaction. Any comment on this?