After talking to an attorney.........

Bird Dogs, Wholesaling
1

I have more new concerns, again, 2 steps foward 3 steps back.

He warned me that in MI if I were to do more than 5 homes a year I would need to be a RE agent. And that the MI Association of RE is a VERY strong entity here and I wouldn’t want to get on their bad side by taking a bite out of their pie… not in so many words but it aligns with what the Title rep told me also. I could possible, maybe probally, be looking at a law suit.

Also that the underwriters will probally not just assign the contract to the investor but , however they do it, it would pass through me so it would be double the tax. That’s how they get paid, so I guess why wouldn’t they do it that way?

Is there any one here in MI that is successful, secure and understands the ins and outs of all this…

He also warned me to stay away from foreclosures, pre-foreclosures and such do to an investigation pertaining to bad mortgages…

Guess this isn’t for the faint of heart…

Any comments… :help

2

Hi, I’m in Mi. to. I can’t answer all your questions but the Attorney is right about the selling of 5 properties. There is however a way around it, for #6 and beyond hire a broker/agent. It may cost you $200-$1000 but its money well spent to CYA. Herbster

3

Is the law the same in NC?

4

Here is a simple solution. Start a LLC and sell it. It just so happens to include a house. But you are selling a LLC not a house.
Call the LLC something like 321 Main St. LLC. or whatever the address of the house is. Most states you can form a LLC for around $50 bucks…at least where I live you can.

How many LLC’s can you sell per year??? Unlimited I would say.