Referral Fee Or Assignment Fee

[Larmon Cummings Jr]

Hello BP family, I hope all is going well with everyone. The reason for my posting this evening is to state my current situation and see if anyone could give me some words of wisdom and/or direction so that I can proceed in a positive direction. First, let me say that I am very new to real estate investing,  only having gotten my first deal a few months ago this year. As I am trying to grow my company, I have set wholesaling as one of my investing strategies to build my cash reserves so that I can also flip properties in the Chicagoland area. The situation is this: I met another wholesaler recently at a networking event who showed me some properties that she had under contract. I seen one that was in my main area of focus and I knew that I may have had a buyer for that particular property. As I am lining up the buyer with the details of the property, I posed the question to the wholesaler, which was regarding the amount they would be willing to pay me if I brought a legitimate buyer to the table who was able to close? They mentioned that they would pay me a couple hundred dollars, but if I put it under contract with her and assigned it to my buyer I know could do at least a couple thousand and there still be plenty of room left for the investor purchasing the property. What I wanted to ask you all is: 1) How can this deal be structured if a wholesaler finds another wholesaler's property-that they already have under contract with a seller, and find a buyer that is willing to purchase it? 2) What contract will be used? 3) Do you have to take the referral fee, or is the scenario I'm posing legitimate? I have done a lot of research on the wholesaling strategy, but obviously there are still many areas where I can always learn more about. Like I said previously, I am a new investor, but I'm very hungry to push forward with my goals of learning this business and being successful in it, and I just want to stay active and not become one of the stagnant individuals on the sideline watching. Once I got the first deal out of the way I am very anxious now to keep pressing forward. Any useful information that can be provided will be greatly appreciated. Thanks in advance BP family.