New Investor First Wholesale deal (well sort of) Seller in the way

[Anthony Alexander]

Hello BP. I am a new investor residing in Baltimore, Md and currently learning the wholesale aspect. I am also in the process of getting my RE license where i plan to be an investors friendly agent and work that niche as i also work my own deals. I currently have a deal on a house that a close friend has bought from foreclosure for 9k and has put maybe 7k or so in rehab so far. He realized he did not have the patience or time to rehab a house and wants out. Comps in the area are 45-60k… I offered to help him sell it and asked him how much he was looking to get and advised him that anything over that amount I will pocket and he agreed. I did not put him under any type contract of any sort yet and begun to market the property for sale. I have got quite a few people interested and wanting to schedule viewings and now the owner wants to sit in and intervene and be a part of the selling process and changing the amount he wants (not by much). I am to the point where I am going to back out of helping my friend out or Im putting him under contract and advise him to stay out the way

[Dana Whicker]

Congrats on getting started.  That's a big step.  A lot of people dream and never get in the game.  

However, what you described you are doing is illegally acting as an agent.  You have to be licensed to market a property.  

Wholesalers don't sell a property.  They sell a contract.  That's how they technically stay legal.  My suggestion would be to get the property under contract or stop marketing it immediately.