Complete Wholesaling Course (only 2 lines long)

It took me 6 months to get my first deals, but that was because I was looking in tradition places–newspaper, realtor, etc, etc. When I discovered probate, however, things started picking up. You can also find deals with guardians. I have also gotten some deals off of sending letters to vacants and running an ad in the American Classifieds. I like running ads there becuase there is less competition running ads there versus the regular paper.

It actually works out perfectly, prior to investing myself about 70% of my business was investment properties of one kind or another. Then I got sick of making others rich, so I moved onto buying myself. I do wholesale to some of my old clients, and some to new clients. My old clients are happy because I can find them deals better than they would have found with any other realtor, plus I can carry financing for them until they finish with the rehab.

Eric Medemar

I live in grand rapids, MI and have been selling real estate for the past 6 years, selling primarily investment properties for the past 4, investing in real estate for 4 years, and doing flips with clients for the past 4 years doing flips myself for the past 2 years and wholesaling around the same.

Eric Medemar

I wanted to know how it would work to get help from realtors in locating property to wholesale? I want to know a typical scenario in how the realtor would get paid? I would get the Assignment fee upon assigning the contract to a rehabber, but curious to know how the realtor would get paid?
Please assist.

The realtor should get paid their standard 6% commission from the seller. (3% if they are splitting it between buyer’s agent and seller’s agent)

keep in mind you can also ask realtors if they have buyers that are looking for investments properties. Offer the realtor a commission if they send you a buyer that you end up wholesaling a house to.

Eric Medemar

Even though I could take commission on my deals often times I will let the selling agent keep all of the commission if they bring a good deal to me, that seems to keep them motivated to bring me the great deals

I hope everyone has a prosperous 2007, and happy wholesaling

For a great way to find buyers check out my buyers post. If you can find buyers you have half of the wholesale game done

Eric Medemar

Well this would only be true if the realtor represents you as an agent. If they just help you locate the property, as in provide you with a list of houses from the MLS then there’s no agreement that says they will get compensated for their work. At least that’s how it worked when I was a sales agent. Note most realtors (if they’re smart) wouldn’t just offer free help, so you mayhave to pay some fee, unless you have a contact that you can work with and work out some type of fee agreement or compensation.

I help out alot of people for free even if they are buying from another realtor, simply because I want to be the go to person for all of their real estate needs. I know if they are calling me to do a price analysis then they must trust me more than the realtor that they are using which is a very good thing. If another realtor brings one of my buyers a great deal, then its no big deal, more good deals will come along.

I would guess that alot of investors in the forum have one good realtor that they go to see. Not that they always buy from, but one that they trust. Is that the case?

Realtors are paid by the seller and the fee is negotiate up front, so if they are selling the home and you find the buyer they are going to get paid by the seller and you will get paid by the buyer. Does that make sense.

Eric medemar

RE: Realtor fees -the 3% is then split with the broker/owner. You may also pay franchise fees (8%)and Eand O insurance ($30) ;)out of the remaining 1.5%

Im trying to figure out what you are referring to here, any insight. I think I know what you are talking about but I am trying to figure out how it relates to the subject

Eric Medemar