That Time I Got My Real Estate License Suspended | Ep 28
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Learning from Suspension: The Risks and Realities of Wholesalers in Real Estate
In this episode of ‘Talking Realty’ podcast, host Glen Whitten, a 20-year realtor and founder of The Ohio Property Group, recounts a significant professional learning experience: his suspension by the state of Ohio.
Glen details how his involvement with wholesalers and assignment investors, who buy distressed properties to resell them for profit, led to his suspension. He explains the process of wholesaling, the roles involved, and the legal intricacies that caught him off guard.
With examples from his personal experience and subsequent dealings, Glen offers home sellers actionable advice on how to navigate deals with wholesalers and avoid common pitfalls. He emphasizes transparency, understanding legal documents, and leveraging the MLS (Multiple Listing Service) for better market exposure.
The episode also discusses the emotional and financial appeals used by investors, and the potential risks and rewards of different selling strategies.
Key Moments:
- 00:00 Introduction and Personal Story Teaser
- 00:35 Welcome to Talking Realty
- 01:34 The Wholesaler Dilemma Begins
- 01:58 Uncovering Ownership Issues
- 03:23 The Legal Complications
- 05:18 The Fallout and Complaints
- 08:37 Facing the State of Ohio
- 17:18 Lessons Learned and Wholesaling Explained
- 21:45 How Investors Find Sellers
- 27:41 Understanding the Pitch
- 28:06 Fast Cash Offers and Their Appeal
- 28:57 Selling As-Is: Pros and Cons 3
- 0:42 Avoiding Realtor Fees and Commissions
- 31:53 The Guaranteed Close Myth
- 32:39 The Emotional Appeal of Quick Sales
- 34:39 The Risks of Signing Contracts
- 37:30 The Reality of Wholesaling
- 39:37 The Importance of MLS Listings
- 52:25 Final Thoughts and Personal Story
Resources Mentioned:
- Ohio Division Of Real Estate Video On Wholesaling
- Episode 12: More Buyers = More Money
- Attorney In Fact vs Power Of Attorney
- Online Home Prep Course
- “You Can Sell It” by Glen Whitten