North Carolina Wholesaling EXPOSED | The Hidden Challenges

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Episode Transcript

SPEAKER_00 (00:08):
Welcome back to Wholesaling Around the World,
the North Carolina edition.
North Carolina comes in with apopulation rank of ninth overall
with just over 11 millionpeople.
However, North Carolina has tobe one of the most disappointing

(00:28):
states when it comes towholesaling in regards to its
population rank.
More often than not, if you'vewatched these wholesale and
around the world episodes,normally if it's a highly
populated state, I likevirtually wholesaling inside
that state.
But I personally feel like NorthCarolina has always been mid.

(00:50):
It's okay.
It's not terrible.
It's not great.
It's definitely not in the top10, though.
I can tell you that.
And that's just been my feelingsfor the past five going on six
years since we've been doingdeals in North Carolina and for
various different reasons.
First and foremost, lead flow.

(01:10):
We don't see very many leadscoming in on the PBL side in
North Carolina in comparison tosome of the other states that I
consider higher, right?
The Ohio's, the Michigans, theIndianas, Illinois, Georgia,
Florida, Texas.
These are the top 10 states thatreally outperform North Carolina
in comparison to its populationrank.

(01:34):
Now, in regards to the Disposide, I will say Dispo has never
really been difficult inside ofNorth Carolina.
It compares to those others,there's always in buyers.
And there are quite a fewcities, metro areas inside of
North Carolina that spans acrossthe entire state, where it's

(01:55):
very hard to find a rural dealthat you're not too close to a
major city that you can find anin buyer.
So realistically, the reason whyI felt like North Carolina has
not kind of matched itspopulation rank is due to the
lack of motivated sellers.
And that's odd to me because theprice points in some of these

(02:17):
cities are comparable to Sunbeltand Midwest states that I do
consider the wholesaling holygrounds, right?
And when you look at NorthCarolina, Charlotte,
Winston-Salem, Greensboro,Durham, Raleigh, Wilmington,
Asheville, these are some of thebest cities across North

(02:42):
Carolina to wholesale in andexpands from west all the way to
the east coast of the state.
However, lead flow has alwaysbeen an issue for us.
Now, what I will say is as avirtual wholesaler, back when we
were mining for leads, when wewere pulling the list and cold
calling and cold texting, NorthCarolina was never a place that

(03:04):
we really dedicated ourselves totry to mine deep in, right?
It was always like, hey, can wesiphon out two to five deals a
year out of side out of NorthCarolina?
And we've been able toaccomplish that.
But realistically, if you had toask me as a nationwide virtual
wholesaler, where would I rankNorth Carolina?

(03:25):
I'm going to put it in the 30s.
And in comparison to itspopulation rank, that is
shocking.
It is significantly different,and it's one of the rare
occurrences.
And considering those feelings,and now where we are as of
October 1st, 2025, NorthCarolina has released the North

(03:47):
Carolina H797 bill.
And it's gone into effect as ofOctober 1st, 2025.
And it's very similar toNebraska's regulation.
And it really comes down heavyon us to where they want you to

(04:07):
be a licensed real estate brokerin order to wholesale.
So let's talk about thisregulation, and then I'll give
my takes on how this impacts thefuture of wholesaling inside of
North Carolina.
So after October 1st, 2025, sowhere we are today, a broker

(04:27):
license is required.
Anyone who solicits homeownersto buy their property must be a
licensed real estate broker.
Okay.
Now that is crazy.
Anyone who solicits homeownersto buy their property must be a
real estate real licensed realestate broker.
Now that's that's insane to me.

(04:48):
Seller protections.
Homeowners will have a 30-dayright to cancel the purchase
contract and will receive a fullcopy of the contract at signing.
Unfair practices, failure tocomply with disclosure and
cancellation rules could beconsidered an unfair and
deceptive trade practice.
And then on this, it has somekey considerations.

(05:10):
It says you may need to become alicensed real estate agent to
continue wholesaling in NorthCarolina after October 1st,
2025.
So, really what they're sayingis that in order for us to do
dispositions, you have to be alicensed real estate broker.
That is very similar toNebraska.
And when we talk to the NebraskaReal Estate Commission, what

(05:33):
they essentially said was all weneed to see on your marketing
for your property when you'redoing dispositions is the name
and the license number and thephone number that matches that
real estate agent.
Okay, and that that brokernumber.
So in this scenario, I believeif we were to have a licensed

(05:55):
real estate agent in the stateof North Carolina on our team,
and that's the phone number, andwe put their broker number on or
their license number on ourmarketing, that would protect
us.
Now it does say double closing,a strategy where the wholesaler
buys and then immediatelyresells the property to the
in-buyer, which can help avoidassignment issues.

(06:15):
And is sometimes used in stateswhere wholesaling is more
restricted.
So again, I'm with all laws andnew regulations.
What I would recommend is if youare going to try to wholesale
inside of North Carolina, Iwould go directly to the title
companies and the closingattorneys and say, hey, it's,

(06:36):
you know, today's October 10th,2025.
If I want to wholesale aproperty, can I still do a
double close?
When I go to close thisproperty, how long do I have to
have ownership of the propertybefore we can actually complete
the transaction?
Is that still consideredwholesaling, or is that
considered me buying theproperty and then reselling it?

(06:56):
What does that look like?
Um, North Carolina H797 waspassed by the House.
And based off of my research,which again, sometimes with
these new regulations, it is alittle bit difficult to get a
clearer understanding.
I do believe this went intoeffect on October 1st, 2025.
I do have several sources thatconfirm that it did go in.

(07:18):
But again, I I who knows, right?
We're dealing with thegovernment over here.
I'm sure you kind of understandwhat I'm insinuating right
there.
Now, my takeaways, regardless ofif it's in effect today or if
it's going to be in effect inthe future, if there's tweaks or
if there's changes, it'sirrelevant to me.
There's going to be somethingthat comes down the pipe in

(07:40):
North Carolina, and it'sprobably only going to get more
and more strict against us aswholesalers.
Clearly, North and SouthCarolina are going to be some of
the states that lead the pack totry to make things more
difficult for us as wholesalers.
Now, I just talked about thebeginning.
The reason why I didn't feellike North Carolina was a great

(08:02):
market for wholesalers isbecause of lead flow.
Now, I'm sure there's those ofyou out there that have
wholesale inside of NorthCarolina that would disagree
with that.
And that's completelyunderstandable.
I know people are doing deals inNorth Carolina, and it's
probably not ranking in the 30slike it is for me personally.
This is my personal opinionabout North Carolina.
However, with this regulationcoming down, what I will assume,

(08:26):
and I've assumed this withalmost every state that has very
strict regulations againstwholesaling, is that the level
of motivation inside of thatstate is only going to
drastically increase.
And the reason why is becausenow they are saying that they do
not want wholesalers reachingout to these homeowners that are

(08:48):
in highly motivated, desperatesituations that majority of
licensed real estate agents arenot doing marketing to.
They're not reaching out,they're not trying to help these
homeowners.
And so, to a certain degree, Ibelieve the motivation is only
going to increase inside of thestate of North Carolina, just

(09:08):
like I feel the same way aboutSouth Carolina, Oregon,
Nebraska, I feel like it's justgoing to be hey, I need a
solution.
If homeowners never needed andwanted to work with wholesalers,
then we wouldn't dotransactions.
So for all of these transactionsthat have been taking place

(09:31):
inside the state of NorthCarolina in the past, what's
going to happen to those futuresellers when they come across
the situations and they don'thave all of us reaching out and
trying to help them?
Because the facts are there aregoing to be quite a few
wholesalers that are now goingto look at North Carolina and

(09:52):
say, hard pass.
I'm not going to do deals therebecause of North Carolina H797.
It's too difficult.
There's plenty of other statesout there where I can do deals
and I'm just going to not evendo marketing.
I'm not going to buy leads inthe state of North Carolina.
We've seen that in Oregon.
We've seen that in SouthCarolina.
I would not be surprised to seethe same reaction from the

(10:13):
wholesaling industry inside ofNorth Carolina.
And because of that, theopportunity that will exist
moving forward inside of NorthCarolina will only be better for
us as a wholesaling industry.
Now, will we have to becompliant?
Of course.
Will we have to find ways towork within this new regulation

(10:34):
and law?
Absolutely.
And you should.
That being said, it's not reallythat difficult of a law to
comply with.
Just get your license inside thestate of North Carolina.
If this is going to be one ofyour main markets, or if you
live there, go get your realestate license.

(10:54):
And now I believe you have moreopportunity moving forward in
the future to really gain marketshare inside of the ninth most
populated state in the UnitedStates.
So right now, I feel like NorthCarolina is eh, moving forward
in the future.

(11:15):
I think it's going to be one ofthe best states to wholesale in.
And I've said this over and overand over again.
The regulations are meant tohurt us, but in the future, I
believe it's only going to bemore beneficial for us because
it is going to weed out some ofthe bad competition.
It is going to fix some of thenegative things that the

(11:38):
wholesaling industry has done.
And in this scenario, I believeNorth Carolina will be one of
the better states to wholesalein, especially when the market
catches up and the motivationinside those sellers that need
us don't have us.
All right, for those of you thatare doing deals currently inside
North Carolina, do I know whatI'm talking about?

(12:00):
Do you agree or disagree?
Let me know in the comments.
Regardless, show me some love,like today's video, and we'll
see you guys tomorrow.