Posted by jason on July 22, 2010 at 09:12:40:
I’m 15 mins from NYC. Can I do wholesales and double
closings in NYC if I’m in NJ?
wholesaling in nj - Posted by jason
Posted by jason on July 13, 2010 at 12:22:32:
I need to know the legal regulations of wholesaling in NJ.
What resources or organizations do I contact?
Thank you
Re: wholesaling in nj - Posted by Bill Bronchick, Esq.
Posted by Bill Bronchick, Esq. on July 20, 2010 at 09:32:04:
You won’t find any rules or regulations in NJ for wholesaling. The only issue that will come up is whether you are essentially brokering without a license, which should not be an issue if you take contracts in your own company name and assign it. If you act like a broker, the state commission will come down on you. This usually is the case if your end buyer is a consumer, which is not recommended - flip from homeowners to other investors.
Re: wholesaling in nj - Posted by jason
Posted by jason on July 30, 2010 at 20:47:40:
Bill,
What are the NJ laws on birddogging? What do I do to
make it legal, if it can be? Someone offered me to
birddog for them.
Re: wholesaling in nj - Posted by Jason
Posted by Jason on July 22, 2010 at 09:01:43:
Thank you, Bill.
I’m just starting out and learning. I don’t even have
a company. Can’t I just do it in as an individual?
If the end buyer were a consumer, is that when double
closing is used instead of assigning the contract?
Re: wholesaling in nj - Posted by Bill Bronchick, Esq.
Posted by Bill Bronchick, Esq. on July 22, 2010 at 09:56:38:
I would incorporate first. Anything you do in your own name now can come back to haunt you years later.
It is a double closing when the backend is a consumer.