All Forum Posts by: Roland Paicely

Pros:  

Peace of mind with the 'wholesale police'.  No need to worry if it's legal or not.

Access to the MLS which is useful for comps

           Credibility with sellers

  Some deals you can't wholesale.  However, they could be good for a listing.

Cons:  Has to share some of your commission with your broker

  When marketing to sellers they can file a formal, although frivolous complaint against you with the Commission (ask me how I know)

  You must be very careful in all transactions because you will be considered the expert since you have your license.  You will be under a microscope in your dealings.

The decision is yours............good luck!

It depends on the area.  Some areas condos are in high demand.  Other areas they are hard to sell.

Are they allowed to: 'no'.  Do they: 'yes'.  Is it worth the hassle of enforcing your contract in a court of law.  That's up to you.  For me I'd pass.

More than likely she will charge you.  However, her pay typically comes from the proceeds at closing.

Usually, just their ID such as a drivers license.  The attorney/title company may request something additional.  However, those that I've attended mostly require formal identification.

That's good advice from @Mitch Messer and @Blair Poelman. The one thing that I'd add to protect your money is to deposit the EMD with the closing attorney or title company. Whichever you use in your state.

If you have their phone number.  Give them a call.  Ask them if they'd be interested in selling the property.  If you don't have their phone number, send them a letter basically saying the same thing.  Be patient.  Often times it can take a few hundred letters mailed before you get a deal.

An inactive license is the same as having no license at that time.  With that said, I don't know the law for wholesaling in Georgia.  It's probably better to check with an attorney.

How many did you mail out?  Sometimes it can take hundreds being mailed before you get a response.  Other times you'll get a reply after less than 50.

If you feel that your list is good.  Wait a month and mail to them again.

As you can see, this can be a topic with different opinions.  It's been summed up very well.  Some states care and others don't.  At least for now.  Can you do it and get away with it, probably.  Is it legal, I don't know.  An attorney might be able to answer that.  I've heard that Ohio is one of the states that does care.  Although, it doesn't mean that you will get caught.  On the other hand, it could be perfectly legal in Ohio.  I wish I could offer you a definite answer.  At any rate, good luck wholesaling.