Hello all! I’m new to investing here and just trying to figure this stuff out
I’ve heard someone with a re license represent their own llc as a sales agent that they are listed in the articles of incorporation and are a member of. I don’t think they disclosed that they were representing themselves. So is that legal? They were one of multiple members but does that matter if it’s a group or just you? Can you represent your own llc that you are a member of?
Also, If you don’t have a license, how do you show your buyer’s the house? Will the realtor give you the lockbox combination to do inspections (show your buyers) because my understanding is by law realtors have to be there or most won’t give it to you is that right. Do you tell the realtor that you are looking to flip the property and need to show buyers or just keep that low key and hint at inspections? You might need to have 10 + buyers go through the property so access is something I’m looking at.
–maybe personal realtors will allow this for you? I’m thinking about just calling listing agents I have no relationship with and having them put the offer in for me, will they give the lockbox?
And if you are finding motivated sellers not through realtors do you only look for vacant? as that could be a problem
Different sates are different but I believe that the laws of agency in all states require that a licensed real estate agent must disclose that they are acting as their own agent.
As stated above you need to check with your state but in general you should be able to represent your LLC.
There is no law that says the realtor can’t give you the lock box code. I have been given the code from time to time. The question the realtor has to answer is does he trust his license with you. If something happens (even innocently) while you are in the house or can be traced to you being in the house without his supervision then he can lose his ability to feed his children.
Legally a realtor will have to disclose that they are just that. Some don’t even mention it if they are looking to flip a couple of homes. But their broker might be pissed off if they don’t. If you are asking if you have to have a license to wholesale homes, no you don’t.