Storage Wins EP202: WARNING - Jeff Watson Discusses Legal Issues ALL Wholesalers Need to Be Aware Of
Jeff Watson is an attorney who had an active trial and hearing practice for more than 25 years. Today, Jeff is a nationally-recognized authority regarding regulatory concerns with wholesaling and offers general counsel to the National Real Estate Investors Association as well as advises four different national organizations with a combined membership of over 100,000 investors. On top of all that, he's been a real estate investor since 1993. Today's episode isn't meant to scare you, but to help nudge you in the right direction so that your business does not get on the wrong side of the law!
Key Takeaways:
- This podcast is not meant to scare you!
- Who is Jeff and what does he do?
- What are some of the legal issues wholesalers need to be aware of?
- All wholesalers need to understand that you're always acting as a principal. You're either a buyer or a seller, and that's it. You're not a matchmaker.
- Jeff loves double closes. He explains why.
- Imagine being able to do fewer deals and make more money. That's what double closing can do for you.
- When was the last time you personally sat down and read your own state's real estate license law particularly in reference to the definition of a real estate broker?
- Unless you're a licensed agent, you cannot be doing this activity unless you buy the property yourself and sell it yourself.
- However, despite this, Jeff does not recommend you become a licensed real estate agent. Why?
- What mistakes does Jeff see wholesalers make?
- What's the best way to market a contract?
- Why does Jeff absolutely despise co-wholesaling?
- Jeff remembers going to a real estate/wholesale seminar back in the 80's and what they were teaching was illegal. The same remains true today. People just aren't aware of the laws.
- How many serious cases have occurred due to wholesalers not following the law?
- How can someone who's been doing things the wrong way recover and start doing things the right way?
- Never blow off an investigator.
- Remember, learn from your mistakes and make corrections to move forward legally.
Mentioned in This Episode:
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Connect with Jeff Watson: WatsonInvested.com
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