Wholetailing as a Realtor

[Mike Cartmell]

I have a deal which is a prime candidate for wholetailing. Comps are around $215k and we have negotiated to purchase for what they owe at $180k. It needs very minimal work and I wouldn't put any money into it. My plan is to list the property on the MLS but am not sure how to go about doing it. The seller is aware of my intent and I have disclosed that I am a licensed Realtor. I am not representing the seller and will be a principle in the transaction.

PITI is currently $1640/month

Which is the best way to handle this?

1.Lease option it and then double close

2. Lease option and assign the contract to the end buyer

3. Purchase subject to.

Thanks in advance!

[Peter Myers]

Mike, you cannot list it in mls at 215k unless you have a signed listing at 215k signed by the rightful owner.

Personally, as a broker and buyer myself, I would close the deal at 180k with full disclosure that buyer is a licensed agent and is buying for profit.

Even then there have been cases where sellers caught wind of the instant gain, got pissed and filed suit. In the eyes of the judge, you are likely viewed as the professional who took advantage of the seller. Talk with your broker, and good luck!