So I have a end buyer who wants a co-op/condo property (studio, 1 bed) to live in and also have as an investment property. His max is $130,000 and claims he can qualify for a loan. I found a property listed by a realtor/owner for $92,000, newly renovated in a good neighborhood. Since this property is already well maintained and priced reasonably can I assume a sale price of 115-120k to the end buyer, and pocket the difference less expenses such as closing costs? Is anything else left out that I need to know?
A Realtor’s license? No, I don’t.
What you are proposing is acting as an agent without a license (taking a fee as a direct result of a real estate sale)…it is not birdogging.
It is illegal in most places.
I would look at getting an option on the property and selling the option to the other party or putting the property under contract and reselling the property on a back-to-back closing or something similar.
My two cents…
DISCLAIMER: I am not a lawyer and don’t play one on TV.
Sorry, I was a little vague in my inital post. I want to put the property under contract ad assign it or set up a purchase option. Whichever seems to work better.