In Virginia, assigning a real estate contract is legal only once and only for licensed brokers. Repeated assignments count as equity theft. A TikTok wholesaler bragged about making $150,000 by selling a piece of paper, which the speaker calls fraud that should be prosecutable.
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Up to 2 a year. Okay. 2 or more. You can only do it once, basically. Got it. If you do number 2, you better be a broker. If you do 2, if you do 3, you better be a broker. Right. So 2, 3. So basically wholesaling, what is known as wholesaling, assignment of contract is 100% illegal beyond 1 in the state of Virginia, unless you are a licensed broker. Right. Right. And so there's this guy on TikTok right now I'm feuding with. Who— like, this is what he tells me— oh, I, I drive 14 Lamborghinis every day because I make $150,000 by selling somebody a piece of paper. Okay, well, you better have been selling that piece of paper at $100 million, because if you sold somebody's house and made $150,000 as a wholesaler, you should be thrown in jail. That's called equity theft. And equity theft should be punishable by law, and it's not. Okay. Yeah. When you can lie to somebody to their face and get them tricked into believing that most they're going to get is $300,000, and you turn around and sell it for $500,000 on a piece of paper— you didn't do no work to do it, you just went to the closing office and said, here's this paper, here's this paper, You signed one, signed the other, and walked away with $150,000 in your pocket. You're a snake and a thief, right? Right.
