Posted by SteveM59 on October 16, 2003 at 23:27:24:
Jason,
Up until 1988, I lived in Muskego as well. Huh.
Wisconsin Investing/RE License - Posted by SteveM59
Posted by SteveM59 on October 16, 2003 at 17:51:35:
If anyone in Wisconsin is posting here, I’d really appreciate any advice. Without getting into why, I will say I went thru a real estate pre-licensing course and on Oct 1st of this year, I passed my salesperson exam. I don’t physically have it yet, obviously, but during the course, someone mentioned to me that you can’t invest in real estate in Wisconsin without a brokers license. My reasoning for getting the license was to get a sort of base and to be able to use tools not available to just anyone.
I guess my problem now, if any WI investor knows(whether you wholesale/flip properties or rehab them) do you need a brokers license? Or should I continue to look for RE company to work with and get my license? I always wanted to get into investing, but along the way here, I’ve felt like that train was put off course, so to speak. And now I’m just confused and probably because my state has so many weird, confusing and ridiculous laws to begin with.
Anyone who can help would be greatly appreciated.
5 deals in 1 year or 10 in 5 years YES!! - Posted by SuperCat (IL, KY)
Posted by SuperCat (IL, KY) on October 18, 2003 at 09:00:50:
No matter whether you are the prinicpal or not. Wisoconsin has specific state law that is not normal as the other states go, so the standard answer is wrong here. If you are a principal then you are limited. I believe Michigan has a similar law.
Wisconson law states that Broker means any person whether or not they are the owner of the property who engages in the business of real esatate. It is defined by a pattern of buying or selling 5 houses in one year or 10 in a 5 year period. There are no exclusions for principals, only for employees of a bank or lawyer. There are exceptions for live in manager of an apartment building.
You can read it yourself at:
http://www.legis.state.wi.us/statutes/Stat0452.pdf
I welcome any suggestions on working around this law, but I would think even if it is ina trust your marketing would tie all of the trusts together if they really wanted you. I have done one deal in Wisconsin this year, so this is of concern for me.
Re: Wisconsin Investing/RE License - Posted by Brian,WI
Posted by Brian,WI on October 16, 2003 at 22:02:02:
Steve,
TAKE ME TO JAIL!!!
I’ve bought and owned 3 rooming houses, and have since sold them.
I bought a single family house and flipped it.
All this WITHOUT a brokers license(great name cuz if you think that way you will go broker :))
I think what you need is a good real estate investment club so you might want to check the clubs listed on this site, then call me since I run it :). We are in Milwaukee so you are not too far away. Come join us someday.
Brian,WI
P.S. I’m looking for a GOOD agent to help me find deals…hint, hint. Someone that understands what “Time is of the essence” means.
Re: Wisconsin Investing/RE License - Posted by Rich_Va
Posted by Rich_Va on October 16, 2003 at 18:22:17:
Don’t get discouraged. Who told you that you could not invest without a broker’s license? A Broker? You can buy and sell to your hearts content providing you do so within the law. There is nothing stopping you from buynig a rehab, fixing it up and selling, or acquiring a property Lease/Option or via a trust in Wisconsin, or any other state. Seeing that you are confused, I would find a local R/E attorney to find out more about the laws in your area.
Just out of curiosity, where are you? I grew up in West Bend.
Take care and good luck
Rich_Va
Re: Wisconsin Investing/RE License - Posted by Jason
Posted by Jason on October 16, 2003 at 19:47:22:
Just thought I’d join in the fun and say I grew up in Muskego by Lake Denoon!!!
Re: Wisconsin Investing/RE License - Posted by SteveM59
Posted by SteveM59 on October 16, 2003 at 18:47:03:
Rich, yes actually, it was someone who was going for his brokers license at the time. I just mentioned in passing “investing” and first thing out of his mouth was “Nope, not without a brokers license”. Although I didn’t mention wholesaling or retailing by name. And calling a RE attorney is where I will go next…most attorneys know about wholesaling and lease options, shouldn’t they?
And I live in Wind Lake, about 1/2 hour southwest of Milwaukee…