#324 Wholesaling and Licensing on Flipping America Radio
We have a great show coming up today. As of January 1, 2020, every real estate wholesaler in Illinois is required by law to be a licensed real estate agent. As you can imagine this has caused quite a stir in the real estate investing community. Wholesalers are coming out and accusing the Realtor lobby and the state of Illinois of a money grab. Others say the wholesaler community has brought this on themselves by their repeated lack of professionalism and willingness on the whole to take advantage of homeowners. Coming up in a few minutes I have Bob Floss the Second, a lawyer from Chicago who has extensive experience and practice in real estate law and even has his own YouTube channel. We are going to talk about this development.
When you combine this law with the recent NAR ruling that all licensed Realtors can no longer carry pocket listings but all properties must appear on the MLS within 24 hours, they are possibly are undermining the entire business model of the wholesaling industry. And before you shrug and say, “well that’s the Democratic Republic of Illinois - I’m not moving there and it doesn’t affect me.” I would have you know that lawmakers in other states are paying attention and the issues are not different in those other states. This law is very possibly coming your way soon.