Show 324 Wholesaler Licensing

Published: Jan. 30, 2020, 5 p.m.

b'

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.\\xa0

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, \\u201cwell that\\u2019s the Democratic Republic of Illinois - I\\u2019m not moving there and it doesn\\u2019t affect me.\\u201d 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.\\xa0

Shut up and Dribble.\\xa0

When I was in college, I had a class called Persuasive Speaking. This was a part of my double major in Speech Communications and Theology. We learned the principles of rhetoric as it is formally known, studied great persuasive speeches in history and then wrote and delivered our own. It was nerve wracking and difficult. The professor was extremely difficult to impress and for this I\\u2019m grateful. As a part of the course we surveyed the rules of logic. It was not a course in logic - that would be later on. But we were expected to understand and apply the basics.\\xa0

For one of my assignments I delivered a speech on an alternative cancer treatment. During the speech I quoted a nationally known politician speaking favorably about the treatment and encouraging the FDA to approve it. That move got me a C on this assignment. Why? I appealed to authority, which is a good move, but the authority was not qualified to speak on the subject. Why? The politician was not a scientist or a doctor and his opinion on the treatment was not based on any scientific process or clinical study. Obviously I\\u2019ve never forgotten the lesson I learned.

Everyone is entitled to his or her own opinion. And each person is, in this country free to share his or her opinion with whomever will listen. That doesn\\u2019t mean the person, no matter how famous or well-loved is informed, intelligent, or correct. It ONLY means they have the ear of a lot of people. For example, there are those in our society who have a special ability to run very fast while bouncing a ball on the floor, jumping very high and throwing that ball into a hoop. Of course I\\u2019m talking about basketball. The NBA has about 400 of the best in the world at this special skill. Believe me when I say it\\u2019s a lot harder than they make it look. It truly is a special and marvelous skill. But the mere fact that a person possesses this special skill does not guarantee that they are smart, that they ever think things through, or even know how to read. In fact many of them, if not most barely have a high school education. And that\\u2019s ok. They have a skill that will enable them to make millions. And they are entitled to their opinion. But I\\u2019m not obligated to take their opinion seriously, unless its about their area of expertise. There are others whose special skill is convincingly pretending to be someone else. I\\u2019m talking about actors. This is far more difficult than you could imagine and those who are truly proficient in this are rare indeed. But the ability to pretend to be someone else and recite clever lines someone else has written, or even ad lib your own, does not make that person an authority on anything other than their area of expertise - pretending to be someone else. And now I\\u2019m going to prove to you that being a great athlete or actor does not automatically make you smart. If you\\u2019re smart you know that the public is about evenly divided in the political debate. You should also know that if you publicly express your political opinions you are going to alienate about half of the population. And if you were truly smart, you would know that although you have a right to express yourself, doing so might be a bad business decision. The fact that so many actors and athletes now feel it is their duty to express their thoughts about issues unrelated to their expertise and genuinely believe people should listen to them simply because they are famous reveals precisely how smart they are NOT.\\xa0

You are all entitled to your opinion. You are all entitled to express it. But NO ONE is obligated to take you seriously.\\xa0

On the other hand, I have my own special skill. I think and talk for a living. I research, study, analyze, consider history, ponder possibilities, and express these things as a part of my career. I know a few people who think my skills in this are at an elite level. If you should listen to ANYONE who wants to express their thoughts, it seems like you should listen to someone who actually thinks at a high level for a living, right? But even then, you will notice that I studiously avoid political debate on this show. Why do I do that? Because a) this show is not about politics and 2) I see no reason to alienate half of y\\u2019all. I realize that the occasional expression of my faith may be off-putting, but I\\u2019m pretty sure I\\u2019m don\\u2019t take an \\u201cin-your-face\\u201d type posture about any of this. Why? Because I\\u2019m not here to fight. I\\u2019m here to inform, inspire, and entertain.\\xa0

So the next time you see some outrageous or provocative comment from someone famous, ask yourself whether this person has the standing or authority to speak knowledgeably on the subject.\\xa0

You\\u2019ve heard the expression \\u201chaters gonna hate\\u201d? Well here\\u2019s a corallary to it: \\u201cDummies gonna dumb\\u201d. Then let it go.\\xa0

How to contact us

www.RogerBlankenship.com. Leave a voicemail right from the home page!

Facebook.com/flippingamericamedia

Twitter and Instagram @FlippingAmerica

Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.\\xa0

Email your questions to questions@rogerblankenship.com. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don\\u2019t mind.\\xa0

Sponsors

American IRA: www.americanIRA.com

Civic Financial: bit.ly/CivicFunding

Announcements:

  • The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area.\\xa0\\xa0
  • Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It\\u2019s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
  • FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities.\\xa0

News:

Topic: Wholesaling and Licensing

Your Questions: Send emails to questions@rogerblankenship.com

Rhonda, Pottstown, PA. \\u201cI\\u2019m about to buy my first rental. There\\u2019s a guy at the local REIA who says he can do rental loans. Why wouldn\\u2019t I just go to my bank and get the loan?\\u201d

Geraldine, Villages of Ocala, FL \\u201cHow many properties to I need to own in order to retire? I have three.\\u201d\\xa0

Vince, Covington, GA, \\u201cLooking at a deal right now. The guy wants $160,000. He\\u2019s pretty much finished the rehab. It just needs appliances, which I can put in for about $3,000. The ARV is $180,000. Is this too tight? I want to wholesale it.\\u201d

Comment Line calls and Questions

Call 404-369-1018, press 1 and leave your message!\\xa0

Motivational Thoughts for the day

\\xa0

  • \\u201cBeing realistic is the most commonly traveled road to mediocrity.\\u201d Will Smith

\\xa0

'