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This new YouTube video explains:Wholesaling in llinois – Do you Need a Real Estate license to Wholesale Houses?
per this 16:10 minute video, from “House Flipping Guide” uploaded on 19 Sept 2019:
This resulted from an every-ten-year legal requirement to update the state’s real estate licensing act. The licensed realty industry lobbied hard to make changes, and were happy to see unlicensed wholesaler competition either squelched or captured into the licensed realty community. The cited realtor link in the description no longer works, and publicly available news links in that website don’t cover the wholesaling issue. Anyone who might be familiar with the details in Illinois is invited to weigh in here.
—Dee
PS. This has the potential to be modeled by other states to slowly destroy the independent wholesaling business as we’ve known it.
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This YouTube video makes it pretty clear that doing wholesale deals, even through any kind of entity (even using a trust), falls under the new Illinois law. The narrator is an Illinois realtor, and is disgustingly enthusiastic about the state’s new law giving that industry cartel control over such real estate deals. Detailed line by line discussion of the relevant paragraph in the new law starts at about the 3-minute point.Is Wholesaling Real Estate Legal In Your State? [YouTube video title]
per this 11:18 minute video from Flipping Mastery TV on Aug 21, 2019
Illinois has long been familiar with the land trust concept. They even resurrected it from the dustbin of history back in the Al Capone era of the 1920s. So it’s not surprising that the new law would include the use of an entity as one of the newly regulated situations. It’s worth taking a screenshot of that relevant paragraph in the new law to enlarge and print out if it becomes important to you. There is a $25,000 fine per offense at stake, and I would not want to be the pioneer in a court fight over that new law’s relevancy.
Sorry to be the bearer of bad news.
–Dee
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