Hello Everyone!
I am a beginning investor in Michigan. I have started buying and selling vacant lots in a large development in my area, with great success in just the last two months/
There are tons of sellers looking to dump their lots, and I have had good luck selling quickly, I work at a title company, and so examine title and include title insurance on all purchases, and have tried to do everything the right way.
Today i was confronted by a broker in the area about my business, which she says is illegal. Apparently I'm not supposed to sell more than 5 properties myself in a year? If I want to sell more than 5, I need to either be a broker or use the services of a broker! I checked with the Real Estate licensing authority and they concur.
How can that be fair? I do everything the right way, including using a title company. Why should I have to pay a broker for selling my own lots?
Is there some kind of LLC or other investment business I can form to get around this? Anyone have any ideas?
Wendy
