First wholesale deal questions...

[Adina McCollough]

I have a wholesaler looking to unload a property and is offering a $10k finders fee. I don't know this wholesaler and because I've never done this I'm not exactly sure how to protect my interests. I asked about a contract, to which he replied a standard RE contract would be fine. He's given me everything I need to get the property sold but a contract, how would your recommend I proceed? I have potential buyers ready and waiting on information.

[Steven Leigh]

Okay, then yes, I would sign a JV agreement with him that states you get a $10k finders fee if you bring the buyer, to be paid at closing, etc. Then you don't have to add another purchase contract. This also benefits the wholesaler because if he finds a buyer himself he doesn't have to pay you, although you could always make an agreement for a smaller fee in that case or whatever you want to agree to.

If you go to https://www.biggerpockets.com/files you can probably find a JV agreement to use if you don't have one.

Good luck!