All Forum Posts by: Mir Mubashir Mahmood

@Greg Dickerson Illinois basically included the definition of wholesaling as a broker activity. Therefore, if you are not a licensed broker and wholesale more than 1 property per 12 months, you are acting as an unlicensed broker. The fine is up to $25,000

@Mir Mubashir Mahmood Investors are different, they know you're wholesaling.  Again, you don't need to be licensed, so that won't matter. You can tell them that you work differently than most wholesalers.  You want to find out their exact criteria, or the best criteria they can give you.  Maybe give you an example of the last 3 deals they've bought.  Then you'll start targeting those areas for what they are looking for, bringing them deals specifically catered to them.  Then you'll allow them first dibs on it if they will give you their REALISTIC (not low ball price), so you can then go back to the seller and do your negotiations with them.

You'll want to vet the investor out, make sure they are legit, and build a good relationship with them. 

Once you know a market more, then later you'll be able to get deals locked up without knowing your buyers price first because you already have a good idea of what your buyers would pay.  

As for my transactional lending, google Wholesalers Transactional Funding  That is also the website, but I believe I put it in here it will block it.  But you can see my logo in my signature as well.   www wholesalers transactional funding . com   then click on "I don't have a deal right now" and we'll send you back some info so you have it for the future. :)

State and local laws closely regulate who can advertise properties in order to protect local housing markets. Only a licensed real estate professional may market properties that he or she does not personally own. Thus, a wholesaler who actively markets a property that is not yet theirs may unintentionally be acting as an unlicensed broker.

State and local laws closely regulate who can advertise properties in order to protect local housing markets. Only a licensed real estate professional may market properties that he or she does not personally own. Thus, a wholesaler who actively markets a property that is not yet theirs may unintentionally be acting as an unlicensed broker.

Angel, 

You CAN wholesale a property in Illinois AND do a double close. Unless, it's a bank owned property. The law allows you to do one deal per year, without being licensed. Unless it's a bank owned property, the realtor is incorrect. Best of luck.