Wholesaling As A Real Estate Agent
I'm in the process of getting my license so that I can lookup, make offers, then flip fix up properties through a double closing. Someone told me as an agent, you can lose your license by doing this. Does anyone know if it's true. I don't see why I can't do it as long as I disclose to everyone involved that I have my license.
My real estate agent is also an investor and he does what you want to do. The only thing he told me he can't do Is appraise the property if he is involved in any way.
He is an appraiser also.
We in in Pa, our laws may be different
In Calif. I am a Broker and a Realtor and I also invest in Real Estate. I merely disclose to all who are involved that I am a licensed Real Estate Broker. That fullfils the requirements of our state law.
I do not appraise or home inspect any properties while engaged in their sale or purchase or refinance.
Right now I am engaged in creating houses out of ISO shipping containers.
Yes, I admit I have learned how to utilize a Plasma cutting machine because I am going to have to teach this to my crews. It is most necessary to cut out the openings for doors and windows and openings for plumbing and electrical. Oh yes I also cut out my name in script. I did it as a practice, but now I think I will mount it on swinging little chains and a signpost. Perhaps we will serve drinks and turn one into a pub. Somewhere I will affix a small sign that announces that these premises are owned and operated by a properly licensed real estate broker. There now that ought to do it.
Cheers Lucius
I have wanted to do the same thing. But don't you have to work under a broker for two years who is going to want you to focus on getting them listings? You can't just do all these things without working for a broker. Is this correct?
dlukas,
Each state has its own laws relating to RE licensing. Usually, persons with sales licenses must work under the supervision of one who has a broker's license. CO did away with sales licenses several years ago, so I don't know they handle that.
In PA, a person with a sales license must "hang" their license with a broker. A person with an associate broker's license must also do that and is not permitted to have their own agency untill they complete the application process and the office is physically inspected and approved by the RE Commission.
You can go to the website for your state's RE Dept. or Commission and see what your state's laws are on this point.
The laws and regs vary nationwide.