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Updated over 2 years ago on . Most recent reply

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55
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8
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Heather Thuli
  • Dubuque, IA
8
Votes |
55
Posts

Wholesaling with a realtor

Heather Thuli
  • Dubuque, IA
Posted

If I wholesale a property with a realtor, do I tell them I'm a wholesaler?  How do the contracts work, do I use a contract they have?

Most Popular Reply

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12
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8
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Brian Frasier
  • Wholesaler
  • Hardeeville, SC
8
Votes |
12
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Brian Frasier
  • Wholesaler
  • Hardeeville, SC
Replied

All I do is Wholesale with Realtors. Having a Realtor or 2 on your Team is a great way to wholesale in my opinion. As for your 1st question " Do I tell them I'm a Wholesaler?". You don't have to tell them bc at the end of the day, you are just trying to get the deal under contract to purchase. After that it's your business alone on what you decide to do with that contract once you have it. So if you decide to purchase it and hold it for a rental (your business), you decide to assign it to an cash buyer/end buyer (your business) or if you decide to buy it and flip it in order to resell on the market, again, (your business). So you don't have to tell them what you exit strategy is. If you know that the Realtor your working with or planning to work with is an Investor themselves OR very experienced with working with Wholesalers/Investors then it never hurts to just be honest with them and let them know that you plan to assign the contract to an end buyer once you lock it up under contract. That agent could very well already have cash buyer investors that they know are looking and can refer them to you. As for your next question on contracts, I use my realtors contracts always. Just make sure the Purchase & Sale contract is assignable. Normally as long as the contract does NOT specifically say NOT Assignable on it then it's assignable regardless. But just make sure it is just to avoid any issues down the road. Hope this helps.

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