need advice - wholesaler working with realtors

[Vladislava Kobeleva]

Hi all,

I am very new to real estate and wholesaling in general, but i think wholesaling is the best way to learn about real esatte and build up enough funds to go into the more down and dirty of real estate.

But, i did send out a contract to a local realtor about a property that i am very hopeful on, and the realtor is seeming excited for the deal as well, and promising to work with in the future.

I understand that if we work with a realtor we need to use the P&S agreement, and a JV agreement with the realtor, but if someone can PLEASE help me understand how this works in NJ specifically, or generally, as i know realtors tend to take commission, that is not standard in a wholesaling deal.

Thanks in advance yall--i am loving learning from all of you <3 

[Michael J.]

I agree with @Jonathan Greene about trying to wholesale off the MLS. There are plenty of reasons this is a difficult route to go when trying to wholesale. 1. Like Jonathan said, all the investors have already seen MLS listed properties. 2. the agent will want you to use a state specific contract which may not be assignable and then you are going to have to double close in order to make this work. 3. you are probably going to have to put earnest money down within 48 hours or so.

as to the rest of your question, you wouldn't sign a JV agreement with the realtor unless they are helping you dispo the deal. They get paid a commission by the seller.