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Updated about 10 years ago,
Referral Fee Etiquette
Hey guys, quick question. I am on a buyers list for a wholesaler who regularly sends me deals through email, and I have never bought from him before. He sent me a higher cost deal, 550k but the ARV is around 1 mil., this is above my head currently but I did have a friend who was looking for a property similar to this one so I passed it along. She is very interested in it, and might close on it and wanted to give me a finders fee, which I wasn't really looking for, but will gladly take. Next, the wholesaler asked me what type of referral fee I want from him, for bringing them together. My question is I am not sure if I should take a fee from one or both, or what is customary in this situation as I really don't have any equitable interest, and just brought them together as a way of helping out. If I do decide to take the fee(s), I am not sure how much would be appropriate to ask for (from the wholesaler only, not going to ask for anything from my friend, whatever they give is fine if anything)? Any help is appreciated, thanks!