All Forum Posts by: David Washington

The information I researched was from a real estate attorney and he was interviewing two Ohio Department of Commerce leaders who were talking about wholesaling specifically. Think I have that covered.

Thanks.

Thanks @Shawn Ackerman for the encouragement. 

In my research, the problem is that people are doing two things that are wrong or illegal:

1. Not disclosing that they are actually not interested in buying the property and disclosing that up front.

2. Listing or advertising the property as if they have ownership or as an agent (taking pictures, videos, details, etc.). You can't do that unless you have a license or are an owner.

My concern is that I would be stuck with a property that I don't want if the property doesn't close. I'm really not interested in holding and buying or fix and flips. Wholesaling seemed like a good fit but it may be that I'm not able to do it which would be fine. At least I didn't go in and find out the hard way. Better to do it right.

Thanks again my man.

 Thanks for your response.

I did not know that it would be a net listing. I'd simply disclose from the beginning that I'm interested in finding an investor buyer for their property and that I would not be listing it per se but sending the house information to a list cash buyers. I specifically do NOT want to list properties as an agent and if I can't do it it legally, ethically, and in a way that fits my needs, no harm no foul. I'll look at other investment opportunities outside of real estate.

Thanks again.

 This simply does not fit into my personal goals and plans. Wholesaling is a perfect fit for me. Just need to know about the real estate license and how the broker affects me.

Thanks.

Saw this in another thread and since I can't post it there because it's locked, I assume it's appropriate to post it here since it is relevant to introductions:

I had to laugh when I saw this.

I went to my first REIA meeting in my area yesterday and this is the EXACT thing that happened to me. I kid you not.

To add insult to injury, the guy was black and only handed out his cards to black people. No intro, no “Hi,” nothing. Needless to say, I wrote him off before he'd even left the room. My wife was highly bothered by it as well. Same etiquette that I would expect in person I would expect just about anywhere including online, sans the profiling.

Thank you kindly @Dave Visaya. Appreciate the welcome. 

Hello. I'm new to the forum but not particularly to Bigger Pockets. I have been lurking but have decided to get involved because of me and my wife's desire to begin real estate investing. My focus will be wholesaling and it is a focus. I do not and have no desire to buy and hold and I'm not particularly interested in doing fix and flips at this time. Wholesaling works better for my long term goals.

However, the one thing I'm seeing is almost an aversion to wholesaling. There is a sense that it's not that great or more it's like the red-headed step-child of real estate investing. To be honest, that's one reason I want to get into it; to figure out the ethical, honorable, and lawful way to do it and do it successfully. To be “that guy” that does it right through and through.

I live in Toledo, Ohio. In my research, I found that Ohio is cracking down and I can understand why. I'm convinced that to wholesale correctly, lawfully and ethically, it's better to get a real estate license, especially in my state. There are other reasons I have listed. I wanted to get around that by legitimately getting my real estate license before I do anything but now I'm betwixt two. I don't know if I can wholesale without splitting everything with my broker. I can't become a broker out the box but the reason for getting my license was to do wholesaling so I can disclose upfront what kind of agent I am, not to list homes in the traditional way or to represent myself as a buyer when, in fact, I'm not. However, you have to have a broker sponsor you in order to get your license. 

My question is do I, in fact, have to split my wholesale fee with the broker? Is this on a broker by broker basis which each broker having different criteria (I'm assuming it is)? Anyone a real estate broker or real estate agent who would have an answer to these questions?

Thanks ahead of time. God bless.

Hello. I'm new to posting on BiggerPockets though I've been somewhat of a lurker for the past few weeks. Just getting to know the lay of the land.

I live in Toledo, Ohio and I am particularly interested in wholesaling (isn't every newbie?). However, there's a reason for my focus and it is a focus as I do NOT want to buy and hold and will only sparingly perform fix and flips God willing. Me and my wife have been interested in real estate investing for years (I bought Carlton Sheets No Money Down and still have it. Good program by the way) but have not been in a position to build something solid until now.

I work full-time and on a recent business trip to Wisconsin, I listened to about 12 hours of the Bigger Pockets Podcast. I had downloaded and listened to every episode on wholesaling I could find. I also listened to several other episodes. I found a portion of the information very helpful. 

So just popping in to say hello though I have another post about my particular predicament I'm in and didn't want to clutter up the introduction with info not relevant to the thread. So I will post that in the appropriate thread.

Thanks for reading. God bless.