New Law in Iowa to Regulate Wholesaling! (Heavy disclosure required)

The next State to come down hard on wholesaling is Iowa. Not only is Iowa requiring that wholesalers get a real estate license but Iowa is also mandating that wholesalers provide heavy disclosure upfront to sellers prior to entering into contract. But the scariest thing about this new law is Iowa may have closed a major loophole by stopping the double close technique. And the fines are pretty severe so you’ll want to pay close attention and make sure you comply.

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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.

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[FlippingMastery]

Free Report: wholesaling regulations by state

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[thejollyredgiant]

TIGHT dispositions and wholetailing are the “solves”. It will just hurt the sellers because we will have to buy much deeper.

[JohnConstantineRTP]

The sponsors of the bill are Representative Mike Vondran (Who owns a multi-media marketing and advertising agency), and Senator Mike Bousselot who "worked in law, agriculture, and financial services before starting his own land and real estate businesses." according to the GOP information site, and seems to have connections to Impact Capital Real Estate as a broker, but I haven't been able to get direct confirmation yet on that. Notice in the Bill you must be Licensed as a Real Estate Broker or be represented by a Real Estate Broker.

[thisnthat.]

Hard money lenders rubbing their hands together like Birdman 😂😂

[rogelioordonez]

Wow flipping genio seems every time we turn around it's something new & I see as you say ....there's more coming, Thank you for all your hard work in helping us!
Many blessings 🙏

[LowRotor]

Just a thought, but if we all watch these videos to learn how to navigate the new laws, maybe the lawmakers are watching these videos to learn how to stop our navigation of their laws. As a fast tracker, I see great value in these videos, but also some potential downsides.

[jackgriffin]

When you double close, you do have equitable interest until you buy the property from the seller. Then as the owner, you sell the property to your cash buyer.

[MgtowRubicon]

The United States Contracts Clause in the Federal Constitution should nullify the state legislation to require real estate licenses for private real state contracts.

[Chopping-it-up]

Hey jerry at this point I think wholesaling will be outlawed nation wide in about a year or two. I think you might have to switch your business model to wholetailing. Or just continue to making house flipping content at this point.

[royseaberg]

What is driving this crackdown on wholesaling. Is it dishonest wholesalers giving it a bad name. I tend to think most people are honest. Is it NAR being greedy because they missed out on transactions. I’m just wondering what’s driving this. Now it’s scary to start wholesaling because I’ve never done it and I don’t want to break any laws. I guess we can circumvent all this by everyone just getting their real estate license

[carsonentertainment]

That’s my full time job here in IA. Will just have to flip more/pivot.

[IowaRealEstate]

so.... even tho i dont have a license, can i still wholesale if i take the $10k fine? i just need to get off my feet. i was planning to go to Michigan for a few weeks to do this but as an iowa resident who wants to wholesale, will the deals even go through if i dont have my real estate license? because im thinking that i can, if i just take the 10k hit but still make profit. uhg help me understand more of this law, yeah its pretty clear but questions do arise from new laws being put in place.

[TitleistGolf]

Born and raised in Iowa! OF COURSE they have something now! Go figure

[ericc.]

Just buy the property (take title), hold the property for 24 hours and then sell it to your cash buyer. There will never be laws against buying property outright. Simple.

[JlDaBlackSuperman]

Jerry what do you think of these 2 solution.
1) Partner with a Local Agent if you are wholesaling in Iowa that understands wholesaling to sign the wholesale purchase agreements and either jv with them on the deal or pay them a flat fee at closing.

2. Do a novation but have the sellers sign the listing docs as well as new purchase agreement and closing docs. And the title company used it, let them know you are doing a novation and provide an invoice with all funds broken down. I mean with novations the sellers are aware of everything and we have all that in writing as well. Plus we are working with an agent that’s licensed to sell the property and doing it on behalf of the seller.

What do you think of these options?

[uberkraeger]

We need to form a national lobbying group to represent the interest of investors, creative finance engineers and landlords at both the national, state and local levels. I’ve seen a few of these pop up over the years but I’m not sure what options we have now

[skyloftsalon]

So Jerry, as a new investor that has invested quite a bit into starting my wholesale business, these laws are very concerning.
I don't see any other voice speaking up for our industry. How else can we protect our business other than signing up for your email list?

[cryptodwayne]

Was it the bank's complaining? Or are they trying to solve some hypothetical problem.

[BrandonsWisdomResort]

Who or what organizations are putting in the work to pass these laws? Is it the NAR?

[DavidAcuna-bh]

can i hire a flat fee broker and still do a deal there? I have a buyer ready but he is scared without an agent. It's not a big assignment roughly $4, 500