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