Wholesaling

Ohio Department of Commerce releases Spring ’14 disciplinary report

The Department of Commerce, whose job it is to regulate licensure of real estate brokers, recently released the first-quarter 2014 disciplinary actions. We’re beginning to see the consequences of the new crack-down attitude of the ODC against unlicensed real estate wholesaling, which I have discussed earlier in this article. This is some really bad news for wholesalers.

Chad Fields, a person not licensed under Ohio Revised Code 4735, Delaware, Ohio, was ordered to pay a civil penalty of $930,000.00 for committing between the dates of about November 14, 2010 through on or about May 31, 2013, 930 violations of 4735.02…

GOA Realty, LLC, Cleveland, Ohio, a company not licensed under Ohio Revised 4735 was ordered to pay a civil penalty of $1,499,000.00 for committing between the period of August 23, 2010 until on or about March 17, 2011, 149 violations of 4735.02…

Our Wives Are In Charge, LLC, Akron, Ohio, a company not licensed under Ohio Revised Code Chapter 4735 was ordered to pay $82,000.00 for committing 82 violations of RC 4735.02…

Paul Marcel-Rene, Akron, Ohio, a person not licensed under Ohio Revised Code 4735, Akron, Ohio was ordered to pay a civil penalty of $82,000.00 for committing 82 violations of RC 4735.02…

Delitha Gail Sparks, a person not licensed under Ohio Revised Code 4735, Cleveland, Ohio, was ordered to pay a civil penalty of $1,499,000.00 for committing between the period of August 23, 2010 until on or about March 17, 2011, 149 violations of 4735.02…

Wow, $1.5 million dollars for advertising on Craigslist. Be careful out there, wholesalers.

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