Co-Wholesaling in Florida... Whats needed???

Question

Hey BP,

Recently relocated to the Tampa Bay area in Florida.

I'm looking to do some Co-wholesaling and can use some advice about paper work.

What forms / contracts are recommended to ensure I receive my agreed upon finders fee?

Also, If any one can recommend a good title company / agent in the area i would appreciate it!

Thanks.

Brandon M. · Answer

@Paul  Springer -

I always use Anchor Title based in Tampa off Clark Ave. My friend Chris owns the company, he is a real estate investor who also owns a title company, so he is very familiar with the investment side of real estate transactions (double closings, etc). If you do a Google search you can find his info, I can't post his info on here directly.

I would be interested in speaking more about what you are looking to do from a wholesaling perspective down here. I am doing some wholesaling/buying/selling myself down here in Florida, both properties and notes all over the state. Maybe we can partner up on something.

Disclaimer: I am in no way affiliated or being compensated by Anchor Title for the mention of the company, just a friend of mine that I use for all of my transactions.

Colin G Murphy · Answer

Hi @Paul  Springer

The short answer is that you need a good real estate lawyer to help you either draft or review these types of agreements. Either way, make sure you get some verifiable references from your partners if you haven´t done business with them before.

What type of co-wholesaling are you looking to do? Is that that one person sources a deal and then another secures it before assigning to a third party buyer? Or are you securing it together?

If you´d like to message me directly, I´ll be happy to provide details of the title company we generally use in Tampa.

Jeffrey S. Breglio · Answer

Kind of depends on what you mean by co-wholesaling. Are you "partnering" on a deal with someone to wholesale a single transaction? Are you doing a double wholesale by taking and passing the deal on? Are you looking to accomplish something else, like keeping the terms (assignment fee) private from seller or other wholesalers?

The trust is the best mechanism for wholesaling. It can get a bit complicated but works in every situation. A disposable LLC is another alternative that's easier but not as flexible. The easiest is a simple assignment contract (confirm the assignability of the contract you're using!) but this won't work with banks, REOs, short sales and suspicious sellers.

Wholesaling as a concept is very simple. But to accomplish certain goals takes experience and education.

Hope that helps.

Jeff

Henrietta M. · Answer

Hello everyone!

I'm a newbie investor/wholesaler in Utah and I'm looking to WLO remotely. Florida is obviously one of my top picks. I will need investor friendly grounds people, such as investor friendly agents and a title company.

I am also interested in co-wholesaling as  long as their is a binding contract involved between us.

please contact me through BP ASAP.

Thank you,.

H.

Reen Wade · Answer

i went to the career seminar. loved the atmosphere. I may have to take you up on that offer. like i said I'm looking to learn and learn while i earn. So where ever I can get that im interested.  Also i would love to know what your buyers are interested in and pulling the trigger on. Let's establish a relationship.

Doug Merriott · Answer

@Paul  Springer , @Colin  Murphy and @Reen Wade I am definitely interested in being on your buyer lists. I am not so much interested in co-whosaling with anyone but I do come in contact with a lot of buyers.

Funny thing is that today's podcast with Anson Young talks a bit about co-wholsaling and what to do.

Reen, I hope you join us on St Pete Beach at Keller Williams Suncoast after you become licensed. The training program is second to none.

Reen Wade · Answer

Sorry to jump in here. I myself am getting into REI in the tampa bay area, moreover in st. Pete. I'm currently studying to become a licensed real estate agent. I would be very interested in speaking with you guys, learning from you guys, as well as teaming up. Hope to see you around :)

Co-Wholesaling in Florida... Whats needed???

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