Right Way To Wholesale W/o RE License In NC &SC
Hi I would like to wholesale SFR and Multi-family properties to other investors in order to build my cash reserves that are required by lenders in order to purchase and hold rental properties. What are the proper disclosures for wholesaling in NC& SC? I have heard that it is illegal to make a commission on a real estate transaction without a license but as an investor a RE license is very restrictive. How is it stated on the purchase contract and how is it stated on the HUD-1? All suggestions are greatly appreciated Thanks alot :-?
You have to be a party to the transaction, or have a license. So if you are wanting to do deals without a license, make sure your name is on the contract when you buy /sell.
How would I structure the purchase contract with the seller and the end buyer would I state it as an assignment fee or finder's fee and a dollar amount or as a percentage of the final sales price? I understand that it is difficult in NC they are not investor friendly. All your advice is greatly appreciated.
Thank you