Breaking News -- New Law Just Made Wholesaling Illegal in Virginia | Flipping Mastery Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 10 March 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition) Jerry breaks down the latest news affecting our industry.
Show notes -- in this episode we'll cover:
- What this new law means for our industry.
- The impact on wholesalers in Virginia and nationwide.
- Exactly what you should be doing to prepare and protect yourself.
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey, it's Tiri Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:08.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:16.0 | Another one bites the dust. The state of Virginia just passed into law, HB917, which is an amendment to the definition |
| 0:26.6 | of brokering real estate to include wholesaling properties. |
| 0:30.6 | That means wholesalers in Virginia are now required by law to hold an active real estate license. |
| 0:35.6 | I'm going to break down exactly what this new law means, |
| 0:38.7 | who it applies to, and most importantly, |
| 0:41.0 | what you need to do to comply, |
| 0:43.2 | as well as some possible workarounds. |
| 0:45.6 | And don't think this law only affects wholesalers in Virginia. |
| 0:48.7 | If you're a wholesaler or aspiring wholesaler, |
| 0:51.1 | you need to pay close attention |
| 0:52.8 | because just like I predicted years |
| 0:54.3 | ago and just like I've been saying over and over again here on my channel |
| 0:57.6 | wholesaling regulation is inevitable and it's coming to your state if it hasn't |
| 1:02.8 | already so you need to know what's going on and what you can do to be prepared |
| 1:06.8 | but first if you're new here my name is Jerry Norton I make millions of |
| 1:10.4 | dollars a year wholesaling and flipping houses and I show you how to do the same. |
| 1:14.6 | Let me start by giving a big picture overview of real estate law and then we'll get down into the specifics of this law in Virginia and what it means for wholesalers. |
| 1:23.6 | Real estate is governed at the state level. |
| 1:25.6 | So each state has a real estate board that passes |
| 1:29.0 | and enforces laws around what activities require a real estate license. License is required for |
... |
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