On The Market

224: Inside the New Law That Could Lead to a Nationwide Wholesaling Ban w/Gary Pickren

Jun 10, 2024

South Carolina real estate attorney Gary Pickren discusses the new law potentially leading to a nationwide wholesaling ban. He explains the implications and loopholes of the law, emphasizing the impact on wholesalers across the US. The podcast explores the legal verbiage of the ban and offers insight into navigating the changing landscape of real estate wholesaling.

43:16

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Episode guests

Gary Pickren

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Episode notes

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Quick takeaways

Wholesaling faces potential nationwide ban due to new laws passed in South Carolina.

Defining wholesaling varies among states, causing challenges in standardizing regulations.

Regulatory shifts signal need for wholesalers to adapt business practices to comply with evolving legal frameworks.

Deep dives

South Carolina Law Impacting Wholesaling

Recent changes in South Carolina law have sparked concerns in the real estate industry about potential restrictions on wholesaling. With the increased public exposure of wholesaling, regulators are scrutinizing the practice more closely, leading to a new law in South Carolina. The law aims to crack down on wholesaling, specifically targeting the definition and marketing of properties without ownership. The ambiguity in defining wholesaling has caused discrepancies in interpretations, creating challenges for wholesalers and regulators alike.

Intro

2min

Insights on Wholesaling Regulations in Real Estate

6min

Analysis of a new law affecting wholesaling and impact of high interest rates on real estate market

3min

Differences Between Brokers and Wholesalers in Real Estate Industry

12min

Debating New Legislation on Real Estate Wholesaling

6min

Understanding the Impact of Regulation on Real Estate Wholesaling

14min

Real Estate Investing and Adapting to Industry Changes

3min

Wholesaling real estate may be banned nationwide within a few short years. After a new law was passed in South Carolina prohibiting the practice, other states started to follow their lead, making their own laws that limit or completely restrict wholesaling real estate. Why is this happening now, and if a nationwide wholesaling ban does get passed, are there loopholes for wholesalers to still make money assigning properties? South Carolina real estate attorney Gary Pickren is on the show to explain.

Gary is no stranger to wholesaling. He’s quick to tell you how crucial wholesaling has been to his business’s growth. But Gary isn’t trying to dance around the new laws and pretend that everything will be alright for real estate wholesalers. In fact, Gary believes that this new South Carolina law could change real estate wholesaling forever, and it may even be for the best.

We’ll describe the new South Carolina law and the legal verbiage that spells out the wholesaling ban. Gary even gives a completely legal way of getting around the new wholesaling law, but the rules MUST be followed. If you’re a wholesaler anywhere in the United States, this law directly affects you and your livelihood. Not staying up-to-date on this could, at best, cost you money or, at worst, land you behind bars.

In This Episode We Cover

Wholesaling explained and why the practice is currently in jeopardy

The newest South Carolina wholesaling law and its monumental effects on the industry

Wholesaling “assignments” defined and the risk of marketing a property in the wrong way

Whether or not this new law could lead to a nationwide ban on wholesaling

Gary’s savvy way to get around this wholesaling ban through this one type of “contract”

Whether or not this new law applies to commercial real estate wholesaling as well

And So Much More!

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