Oklahoma’s Surprising Rules for House Flippers!

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Episode Transcript

Speaker 1 (00:08):
Welcome back to Wholesaling Around the World the
Oklahoma edition Now.
The Sooner State used to be oneof my favorite locations to
wholesale real estate.
However, this is one of the fewstates out there that has some
pretty gnarly regulationsagainst wholesaling.

(00:29):
Back in 2021, there was thePredatory Real Estate Wholesaler
Prohibition Act that was passed, and it was essentially
mandating that individualswholesaling real estate in
Oklahoma have to obtain a realestate license.

(00:49):
This has essentially crushedthe wholesaling industry inside
of Oklahoma.
Unless you're willing to riskit right, some people are still
out there.
There's always like this, alwaysthis give and take there's the
regulation and then it's who isactually mandating that this

(01:13):
regulation gets followed.
Well, in the state of Oklahoma,it's actually the Real Estate
Commission.
The Oklahoma Real EstateCommission is actually the one
that is mandating that you dobecome licensed in order to
wholesale real estate.
Now, what they refer to aswholesaling is that the

(01:35):
legislation aims to preventmisleading sales tactics,
predatory contracts and otherharmful practices by requiring
wholesalers to operate withtransparency and ethical
standards.
Now, this is something thatI've been talking about for a
while.
As these regulations come down,what are they actually wanting

(01:59):
us to do?
Transparency and ethicalstandards this is the issue that
I have across our industry whenwe do things like lie,
manipulate sellers, say that wehave to go talk to our
underwriting department, makethings up, tell stories and lies
instead of just beingtransparent about what we're
trying to do.
There are plenty of motivatedsellers that need our help.

(02:23):
One of the reasons why Oklahomawas one of my favorite
locations to wholesale realestate was because of the amount
of motivated sellers thatneeded our help.
Now, specifically inside ofOklahoma, the two cities that
were great to wholesale in wereOklahoma City and Tulsa, the two

(02:45):
major metros in the state.
Oklahoma ranks 28th inpopulation, with just north of 4
million people, so it's notreally an overly populated state
.
It's kind of just right therein the midfield right.
But Oklahoma City and Tulsawere great locations

(03:05):
specifically for titaniuminvestments, and it was Tulsa.
Tulsa was one of the earlymarkets back in 2015 and 2016.
It was one of the firstlocations that we expanded to
outside of the state of Texas,and so we kind of gained
traction there in Tulsa and dida significant amount of deals

(03:26):
inside that market.
Now Tulsa is one of thosemarkets that's very similar to a
Detroit or a St Louis or aBirmingham Alabama where you
have to pay attention to theas-is comps just as much as the
after repair value comps.
You can get your teeth kickedin by the end buyers if you're
not paying attention to it,because that's the competition

(03:48):
that exists.
Right, pay attention to whatproperties are listed for in the
area, because why would theywant to buy your property for
$30,000 when they can go pickone up in the same condition or
even better condition off theMLS for $25,000.
So paying attention to thoseas-is comps inside of Tulsa is
vitally important.
Another reason why Oklahoma isa great location to wholesale

(04:13):
was because of the amount ofin-buyers.
There are plenty of in-buyersinside of Tulsa and Oklahoma
City.
There's more in-buyers inOklahoma City than there are in
Tulsa.
I just feel like there's moreleads available to us and
there's more motivation insideof the city of Tulsa than there
is in Oklahoma City.
Now, moving outside of the twomajor metro areas, the rest of

(04:36):
the state gets pretty roughright.
It's very rural.
Now, of course, you're going tohave the tertiary markets that
are right outside the majormetro areas, like the Edmond
Oklahoma's or the NormanOklahoma's, where the University
of Oklahoma is, or Broken Bow,just south of Tulsa.
These are great areas, butoutside of that, you start

(04:59):
running into some really toughareas where it's difficult to
dispo, and so what I always liketo do when I got leads there is
not necessarily turn them downand walk away from the motivated
seller.
They needed our help.
I would always tell them wejust need more time and more
discount.
Does your motivation matchthose needs?

(05:21):
If so, we could see what wecould do.
Normally, we just had to work alittle bit harder, maybe find
that investor inside of OklahomaCity or inside of Tulsa that
was needing a deal, looking toexpand their portfolio.
It just takes time to findthose buyers that were willing

(05:42):
to go to some of those smallercities.
Overall, though, now in 2025,oklahoma has become one of my
least favorite states towholesale in because of this
regulation.
Basically, you have two optionsyou can either become licensed
inside of Oklahoma, work withsomeone that is licensed in

(06:04):
Oklahoma, or take that deal downand then just wholetail it,
sell it on the MLS, or do awholesale marketing after you
have ownership, because,realistically, the regulation in
Oklahoma is specificallytargeting the marketing of
equitable interest in theproperty, not marketing a deal

(06:26):
that you own.
That is what they want to stopbecause of the predatory actions
that wholesalers were taking intheir eyes inside of the state
of Oklahoma.
Now, all in all, we know whatthis actually is.
This is the Oklahoma RealEstate Commission wanting people
to become licensed and abide bythe fiduciary duties that

(06:49):
licensed real estate agents haveto abide by.
That is the guidelines thatthey are wanting to put down on
us, and, in my opinion, this isone of the more difficult types
of regulations to overcome thestates like Texas that just want
us to disclose that we'rewholesaling the property.
I have no issues with that.
I was very difficult on Oregonin regards to their regulations

(07:13):
where they want us to become alicensed registered wholesaler
in the state of Oregon.
Well, this is even worse, in myopinion, because they want us
to become a licensed real estateagent, which means, every
single time we talk to a seller,we have to disclose that we are
a licensed real estate agent inthe state of Oklahoma and, like
I said, we have a fiduciaryduty to that homeowner, whereas

(07:36):
an investor, you could come inand you don't have to really
disclose that, even though Ithink you should be transparent
with each and every seller.
So, all in all, oklahoma usedto be a great location.
Now I think it's one of theworst states to try to virtually
wholesale in.
If you want to become anestablished Oklahoma wholesaler,

(07:59):
then go get your real estatelicense In the future.
What does this look like forOklahoma?
I've always said when statespass really difficult
regulations, like this one righthere, what happens to those
motivated sellers that need oursupport, that need us to come in

(08:21):
and help them?
Like I said, we have helped acouple of hundred homeowners
inside of the state of Oklahomain the past decade.
Licensed real estate agentsstill existed during that time
in the state of Oklahoma.
They obviously did not offerthem what they needed.
So Oklahoma in the future isgoing to need wholesalers to

(08:44):
become licensed to support thesemotivated sellers.
I think in the future Oklahomawill become one of the best
states to wholesale in.
Because of these regulations,there are going to be an
enormous amount of motivatedsellers that are not receiving
the kind of support that theyneed because wholesalers are

(09:04):
essentially looking to otherlocations, other states that do
not have these communist-typeregulations that are mandating
that you become a licensed realestate agent and because of that
the motivation is going toincrease and I think also prices
are going to decrease over theperiod of time.

(09:25):
Now I think that's far off inthe future.
Where we stand right now,personally, we're not doing many
deals in Oklahoma and if we do,we're probably just going to
partner up with someone that isa licensed real estate agent in
Oklahoma or purchase theproperty, take it down ourselves
and then list it on the MLS ordo whatever we need to do to

(09:48):
dispo that deal.
If you're doing deals inOklahoma, I'd love to hear from
you in the comments.
How are you doing your deals?
Have you seen anybody be takendown by these regulations?
I see it's up to $5,000 fineand potential six months in jail
if you don't abide by theseregulations.

(10:10):
So it is a serious offense.
Pay attention to it.
Let me know what you think inthe comments.
Show me some love Like today'svideo.
We'll see you guys tomorrow.