So I'm coming up with ideas of how I can make money wholesaling and I have some questions to see if these ideas could work.
If i were to go under contract with a FSBO, for a set price on a property with an assignable contract. Could I have a real estate agent find a buyer for this contract/property and offer the agent a percentage of the assignment fee?
Market Value of the property:
For example, I convinced a FSBO to sell his property for $300,000 with the contract being assignable and I go under contract
Then, I find a real estate agent, tell them that I have a deal and I'm offering 33% of my assignment fee which is 30k so the agent would be getting $10,000. Should I consult with a real estate attorney when drafting up a contract? Would this idea for wholesaling work????
Investor · Tampa, FL · Member since 2019 · 1k+ posts · 1k+ votes
2y
Hey Jerrell,
The answer is yes, we have done it several times with our off-market leads. I offer them 2% of the final purchase price to the realtor if they bring a buyer. You would just sign a commission agreement with them and they get paid at closing.
So I'm coming up with ideas of how I can make money wholesaling and I have some questions to see if these ideas could work.
If i were to go under contract with a FSBO, for a set price on a property with an assignable contract. Could I have a real estate agent find a buyer for this contract/property and offer the agent a percentage of the assignment fee?
Market Value of the property:
For example, I convinced a FSBO to sell his property for $300,000 with the contract being assignable and I go under contract
Then, I find a real estate agent, tell them that I have a deal and I'm offering 33% of my assignment fee which is 30k so the agent would be getting $10,000. Should I consult with a real estate attorney when drafting up a contract? Would this idea for wholesaling work????
I tried this strategy with an agent before. It can work, but the agent has to be in the know. Their broker also has to give the freedom to do some unconventional things. The agent has to be savy. The broker has to be savy. Grabbing an agent who only works with retail buyers is a recipe for disaster.
Investor · Tampa, FL · Member since 2019 · 1k+ posts · 1k+ votes
2y
Hey Jerrell,
The answer is yes, we have done it several times with our off-market leads. I offer them 2% of the final purchase price to the realtor if they bring a buyer. You would just sign a commission agreement with them and they get paid at closing.
The answer is yes, we have done it several times with our off-market leads. I offer them 2% of the final purchase price to the realtor if they bring a buyer. You would just sign a commission agreement with them and they get paid at closing.
Reach out if you have any questions!
Good afternoon! Just sent you a message Mr.Ramirez
The answer is yes, we have done it several times with our off-market leads. I offer them 2% of the final purchase price to the realtor if they bring a buyer. You would just sign a commission agreement with them and they get paid at closing.
Reach out if you have any questions!
Yes it's like Jerrell says, you just offer them a 2% commission. You will have to let them know that their buyer will have to sign an assignment because they will send you a Florida Farbar which won't make sense for you.
So you have to make sure you communicate with the agent that it will be an assignment of contract. Many agents don't know what that is and sometimes they freak out because they think it's a scam.
But in terms of the structure it's a simple and often used strategy.
The answer is yes, we have done it several times with our off-market leads. I offer them 2% of the final purchase price to the realtor if they bring a buyer. You would just sign a commission agreement with them and they get paid at closing.
Reach out if you have any questions!
Yes it's like Jerrell says, you just offer them a 2% commission. You will have to let them know that their buyer will have to sign an assignment because they will send you a Florida Farbar which won't make sense for you.
So you have to make sure you communicate with the agent that it will be an assignment of contract. Many agents don't know what that is and sometimes they freak out because they think it's a scam.
But in terms of the structure it's a simple and often used strategy.
Correct!
It would be best if you had that conversation when sending or offering your off-market deal to a buyer's agent.