Investor friend unloading 5 properties- need advice

[Nicole Clemens]

Hi All,

I recently ran into a situation that I'm trying to make the right moves on.

An acquaintance of mine has five properties that he is looking to unload. A couple are shells and the others need SOME work. Most are multifamily. He has had them listed on the mls with a realtor (I am also a realtor) and has had no success. He has them listed at a higher price on the mls and is definitely willing to go lower....a lot lower.

I think the best approach to take with him would be to wholesale his properties. While I have a few investment properties of my own, I have yet to wholesale and considering he is a 'friend' and is looking to unload quickly, I dont feel confident enough to take on this task by myself. Plus, I dont have a buyers list. PLUS, I dont know the rules with having my RE license and wholesaling. So my plan was, to link up with a wholesaler in the area (someone who I know can move these properties quickly). I would like to offer them a percentage. I would like to meet them at each property, take the pictures/video together, have the contracts to sell be between the wholesaler and my friend and have a separate contract between myself and the wholesaler. I'd also like to attend the closings (so that I can learn).

My questions are:

1- Do you think this is the best approach?

and

2- What do you think is a fair commission split?

Thanks in advance!

Nicole

[Jon Holdman]

Your friend will net the most if he gets them priced right on the MLS. If you're going to wholesale them with both you and another wholesaler involved, he will not only get only the price wholesaler buyers will pay (less than what they would get on the MLS) he will also pay two sets of wholesaler fees.

Since you're an agent, do the listing.