Getting a partner .... avoid having them steal your buyers list?

[Danny Colacicco]

Hey everyone-

I have already developed a solid buyers list and have been doing a lot of marketing to get sellers. In doing this, I have been getting calls from other wholesalers asking me what kind of houses I am looking for and my preferences. That is, they are also wholesalers looking to build their own buyer list. What I have told these individuals is that I am also a wholesaler but if they bring me a good deal, I will reveiw it, and I will be able to get an end buyer. In doing so, we would split the profits 50/50. My two questions in regards to this are:

1. Should there be a contract drawn up between the wholesaler finding the seller and I stating a 50/50 split (like perhaps a double transfer if that even exists?)

2. How do I avoid having this partner just going around me for any subsequent deals to a buyer used in a previous deal as to avoid having their profit cut in half and sharing with me?

Thanks in advance for the help!

-Danny

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