Wholesaling In NY State as Realtor

[Kyle Gendron]

If I want to wholesale properties in NY and I have my license can I do it with assignment contracts with out splitting my profit with my broker as if it were a commission?

[Mark Updegraff]

You'll have to obey disclosure laws but you should not have to pay your broker on your assignment fees given you're not getting the buyer or seller leads from the brokerage. I would be transparent with your broker on what you want to do, but I don't see why they would have a problem with it. If you're actively marketing for wholesale deals as an agent I'm sure you'll end up with more MLS listings as a result as well as picking up some listings from those that took the assignments as re-sales for retail buyers. Should be a win-win for everyone.

[Kyle Gendron]

Thanx @Mark Updegraff and Nice I thought so and I am going to talk with him tomorrow about it. I just started looking into wholesaling and I thought it would be a great way to get my foot in the door with sellers and to build relationships with investors. Have you had luck with this ?   

[Mark Updegraff]

@Kyle Gendron - Idon't actively market for wholesale deals but run across them through marketing from time to time.  I work with a lot of professional wholesalers, it is a full time gig IMO especially if you want to be among the best in your market.  

Another idea would be to start networking at the foreclosure steps.  A lot of those guys will not be licensed and if you can add value for them (bringing buyers for their deals) you should be able to win them over as their exclusive listing agent.  It will also give you an opportunity to wholesale if their deal is meaty enough.  And they make for a good buyers list if you are doing some wholesale marketing on your own.   Just a thought.

Mark