co-wholesaling?Anyone doing it? Done it?

[FRANK DARIENZO]

So I am new and I get my seller/ business site up and....no properties to showcase=no credibility! However there are other wholesaler/investors near me with properties..hmmm. Do I contact them, and see if I could market there properties and add my fee? Is it legal to do w/o a R/E license?Is there anyone who is doing this right now?

[Ned Carey]

Yes Co-wholesaling can be done. However it is not near as easy as the Gurus pushing this new term would make it seem. (The term is new, not the strategy)

I have a couple of wholesalers trying to co-wholesale some deals for me now. They are not having much success but I know when I get around to marketing them myself they will sell quickly.

There is nothing wrong with a seller site. It is NOT a priority however. I got mine up and running about 2 years ago. That's 8 years and dozens or deal after I started.

Co-wholesaling isn't likely to build much credibility. Most people trying to co-wholesale are sending the same deals out other people are sending. Most experienced investors are on lots of buyers lists. They see the same deals from 8 different wholesalers. That doesn't build much credibility for the wholesaler who is sending a deal he has seen 6 times already.

It is perfectly legal to wholesale a property you have under contract. You do not need a RE license. However if you are co-wholesaling and do not have a contractual interest in the property that would likely be considered "Providing RE brokerage services without a license." You would need to get an assignment of contract, which you would then re-assign.

Good luck - Ned