Ok. So a friend of mines is an agent/investor. She has 10 years experience in this area with creative financing and the whole bit. Now. She says she’s willing to work with me getting deals done. However, it doesn’t sound like wholesaling as I know it. She sends me MLS listings before they are listed with a realtor. She told me that she will fashion the listings I get to my buyers criteria. She said that I not only will get the emails everyday, which I have, but that my buyer will get them too. Any property that the buyer is interested in, he contacts me then we go from there. My friend told me to draw up a contract with the buyer that says any property that I send him I either get a flat fee or certain percentage so that we already have that in place. I get the fee, the buyer gets the property, and my friend makes her fee from the seller. Keep in mind that on these emails, her picture and contact info is at the top. She also has her own property management company. How does this arrangement sound? Is it even wholesaling? How would you charge? What else do I need to know?
Sounds like she wants to send deals to your buyer because he can close and she’ll get a commission, and then you get a cut too when they close. It SOUNDS good because it doesn’t seem like you will need to do any work. However, if they are in direct contact with one another I don’t see why they’ll need you involved at all, if you’re not actively in the middle facilitating something.
I’d ask her to send the deals to YOU, then YOU send them to your buyer. He contacts you if he wants to buy something, at which time you get it it under contract. Don’t let him know you’re doing this, let him assume they’re all under contract from day 1.
Just make sure you’re in the middle. As soon as they find out about each other then you’re kinda useless so to speak.
Yikes! I already told her about him, and I told him about her. However, they still don’t have anyway of knowing who each other are yet… Ok, how about this…
When I get the emails of the properties, shouldn’t I be able to just copy and paste the part I want him to see then send them to him? That way he HAS to call me?
Yeah that was kinda what I was saying.
To me it kind of sounds like bird dogging!!! GR
I think you may be right Gold River. I sat down and looked at some of these properties, I don’t detect any spread in them at all… When I read that people have closed their first deal within weeks of starting, I can’t help but feel I’m doing something REALLY wrong. Ok, starting over… How can I get a real estate agent to give me comps in a timely manner if I don’t have any money up front?
Sounds to me like your realtor doesn’t know what a deal looks like. It’s up to you to show her.
To get comps for free just ask this realtor what she’d sell the houses for. Also tell her that you may have other potential deals come across from time to time and you may need values for those as well.
It’s all about developing a relationship. She will help you because you’re helping her get commissions.
I’ve known her since we were kids. She told me she has not only been a realtor, but that she has also creatively invested in this area for about 10 years now. I explained thoroughly what I was doing and she said that she understood it completely. Yet she wants me to send the emails to my buyer and if he sees anything he likes then we’ll go from there. He’s not even going to look at a deal unless the spread and everything else is already figured out. So now Im thinking does it even do me any good to receive these emails about different properties. I looked one up on zillow just to get a ball park figure. (I know zillow is off) The property was listed on the email for 100,000. Zillow said it was valued at 110,000. Theres nothing there. I suppose I could use her for comps. I’m confused and frustrated, how about that? LOL.
BINGO! My mentor taught me a long time ago about the golden rule in wholesaling. STAY IN CONTROL OF THE DEAL ALWAYS!!