All Forum Posts by: David Washington

Been done already. I did that way early in the thread which is why this thread is beat to death. Nothing to see here. Let's move on.

Oh Mylanta. Dad leaves the room for one minute and the kids go crazy. Time to calm down and get a glass of milk. A hug. Something.

It appears that everyone has an opinion on this topic with the vast majority of the posts in this thread not even touching the actual question I asked. @Jay Hinrichs I believe is the only one that actually answered the question with an honorable mention from @Jonathan Damon. @Engelo Rumora addressed my question as well. So thanks for that guys. Sincerely. 

I wasn't asking opinions about wholesaling. I've made up my mind on that. I was asking about something else entirely. I wasn't asking what the law was, how to do it, none of that. I stated that from the OP. That much I do know. Everything else is just...well...something else. It's not that it's bad in its context. However, I'm wondering how many people got on the thread to genuinely help and how many got on the thread just to be heard. 

I think this horse has been thoroughly beaten and is now officially dead. Thanks to those that helped or attempted to. Appreciate your time.

I will most definitely do that. Thank you kindly for the referral. 

By the way—on a totally different subject—on my recent trip to Wisconsin a week or so ago, I was listening to a slate of Bigger Pockets podcasts I had downloaded onto my phone and yours was one of them. Insightful info. If I remember correctly, you had some timber deal in Oregon and then something with lending in...was it Missouri? Forgot the state but somewhere in the southeast U.S.

All the best and thanks again.

Thanks Engelo. I appreciate it and it sounds like that is something that will work in my long term goals. I have a few more questions to pass by you so I'll message you with those.

Thanks again.

I saw that. Thanks for addressing it though there was some unfounded assumptions in your response that weren't relevant which is what I addressed in my last post. 

Are you familiar if this is a standard or is it different with each broker? I'm assuming different brokers have different criteria.

Thanks again.

I think the question I posited has been lost as people try to push forth some kind of biased opinion or agenda on the act of wholesaling and then coloring everyone that's in the business in that vein. I agree with @Jonathan Damon. I just got here and to have something like this get thrown out of wack so quickly doesn't do much for my opinion about the forums. Maybe it was better to stay a lurker. 

So let me restate: I have no problem getting a license (and I know it is not illegal without one. Not even in the stringent state of Ohio). I said that at the very beginning. I'm not trying to be rude but people aren't paying attention and actually reading the thread but want to be quick to add their opinion. 

My question was about the broker and what they expect as I don't have any experience there and was looking for feedback on how that works so I can make an informed decision. I'm not “worried” about anything when it comes to brokers. I didn't say it was too much to pay them. I'm wondering how the split works as a wholesaler with a license and not being a real estate agent in the traditional sense.

Thanks.

 Thank you for that. I see that you successfully did a whole lot of nothing in looking at the reference. I see absolutely nothing you've said that's constructive in any way so consider our exchange done.

Thanks Tim. 

One of the things that attracted me to wholesaling was the “win-win-win” that it brings to the table for everyone involved. I'm a stickler for ethics, law, and integrity. Of course, the law is different in each state. Michigan is literally a hop, skip and a jump away from where I am. I suppose I could start there with Detroit and the surrounding suburbs being 45 minutes to an hour away for most of the area.

I just attended a REIA this past Tuesday. The COO of REIA was there giving an update on the national law, what was going on in D.C. and so forth. Informative.

I would have no problem getting a license if need be. That's not the problem. The problem is getting clearance from a broker and possibly having to split a fee with them. I'm not sure if this is what would happen or how that process works so I'm putting out feelers and continuing to research the issue in depth. 

Thanks for your offer of support. I'll certainly keep you in mind.

Originally posted by @Chris Purcell:

@David Washington

You are incorrect. But feel free to explain, I'll entertain your argument.

By all means, don't believe me. Believe the law as stated by a real estate attorney and the Department of Commerce Real Estate Division in Ohio:

https://www.youtube.com/watch?v=9fi54S8nwUA

 Actually, wholesaling without a license is legal. It is how you wholesale that is the issue which makes it legal or illegal.