I want to get into wholesaling, where do I start? I am located in New York. Are there any specific laws I should be aware of so as to not get myself into legal trouble?
Welcome grasshopper, I can’t think of any laws regulating wholesaling real estate, except to make these contracts binding and lawful there must be consideration, meaning, you need to pay the homeowner $1.00 Some states it might be more or you can even trade something, like your pocket knife. You can also get creative and write in the contract that a dollar or a $100 earnest fee will be paid at closing. I lost 500 buks on one deal and 200 on another so I just started to limit my consideration to $10, cuz one dollar cud be insulting.
If you speak to realtors, many or most will tell you that, wholesaling real estate with out a realtors license is illegal, but of course don’t believe it and never take legal advice from a realtor.
If you have a signed contract with seller you have equitable interest, and you can sell everything from a $20 dog house to a multi million dollar mansion, legally.
Also you need some education, I can send you a free book.
Rando
I would love the free book, that would be awesome. Also thank you for replying to me. I am interested in attempting my first deal soon
Find a mentor or someone that is doing what you WANT to be doing and see if you can help them in some way or add value to them. Many people that are doing what you want to do probably don’t have a ton of time on their hands. Try to add value with your time in exchange for their mentorship. That can jump start you!