TIC, options..wholesaling in Florida with RE agent license

[Brent Hill]

@Bill Gulley

Post is for everyone to chime in, but I have been studying up and reading Bill's blogs about the different ways to take title and the methods of wholesaling and I understand the underlying concepts but a particular example would be extremely helpful.

In my case, I will wholesale as a licensed agent in Florida and am thinking about selling with cash buyers but also partnering with a broker and listing the properties on the MLS.

I don't want to discuss and/or debate assignment in this post, but specifically want to talk about the strategies involved in taking title.  

1.  I will take title on my own disclosing I am an agent and not working with my brokerage.

2. How best to partner with others to help with marketing, calling, etc? I think this is where TIC might come in to play so when we sell we would each get the percentage of the deal we agree to. That way everyone involved in the deal gets on title and then gets their share of profits after closing. That way their is no issue with referrals, bird-dogging, etc

3. If you do an option, and the new buyer pays you the cancellation fee on the option then how does everyone that was involved in the marketing, etc get paid legally? Does having a partnership or LLC make it simpler? Would seem costlier and more complicated to me but I am interested in the possibilities.

4.  Once I/we take title, would their be any potential issues listing it with the brokerage I have my license with? I need to call the Realty professionals here in Florida, but can I list the property as soon as I sign the purchase contract as long as the contract discloses what my intentions are?  I know this has worked particularly well for @Michael Quarles in CA but not sure if it can be done in Florida..just curious if anyone else has done this.

5. Would anyone considering doing a net listing if we were to put it on the MLS? I have read pros and cons of a net listing but would like to hear opinions of anyone that may be doing this method with wholesaling properties.

I know this is a lot to discuss in one posting but your constructive feedback and advice is appreciated.  Thank you.  Bottom line is I want to start this business with a solid foundation that is respected, legal and ethical but can be scaled to be used as a model in other markets within Florida.

[Bill Gulley]

Well, too bad about needing to verify my opinions, do you work with your doctor and lawyer the same way? LOL, who can verify it, ? But, whatever, that's fine.

I would not put a birddog in a TIC, I'd put them in my LLC, working for the company that will buy the property, then pay them through the company, that is their job to find deals for that company.

Not trying to talk in circles. I'm no math whiz but I can get through regression analysis, or row echelon assignments of risk analysis,  so far so good, LOL..

Yes, the right question has to be asked, otherwise we would be writing books in the forums. 

Might help to look at things from a more creative side than technical steps as an equation, real estate is a science as well as an art, look to the art side.  :)