All Forum Posts by: Ian Richardson

@Damon Armstrong

 'll keep you and your buyer in mind once I sort out how best to handle this deal, thanks!!

If there is a double closing, technically, there is no "fee" and there would be no "commission" as I'm not acting as an agent. The only profit would be in the difference between what I buy and sell it for. I guess I need to see if I do pay any commission on profits made while selling my own property. I would ask my broker but I can only assume they would frown upon "wholesaling" as there not very keen on anything outside of traditional buying and selling. : (

Thanks guys,

I appreciate all the feedback.

Not sure on my brokerage regs on listing my own home with them and the commision owed or not. I also know that if you buy your own residence as an agent through them you keep 100% of the commission but it does first pass through them. 

Aside from all that, what Mr. Leonard has stated makes sense. I've approached her as an agent and she refuted my services. The second time, I would approach her as an investor whom she already knows is also a licensed agent. If she accepts the offer and it does go under contract should I assign the contract for a fee or do the double closing. It seems the double closing is where my liability of being an agent may arise.

I'm an agent in Baton Rouge, Louisiana and have an opportunity to put together a wholesale deal but am confused as to the process due to me being a licensed agent. 

So far, I've called the homeowner after seeing a rent sign in the front yard advertising that both units of a 2/2 duplex were available. I let the owner know who I was and who I work for( licensed agent) and that If she was interested in selling I might have an available buyer for a one time listing. She said she would love to sell the place and would like to show it to me. After arriving she quickly let me know that she didn't want to work with an agent therefore I let her know I wouldn't be bringing my buyer to the table but best of luck. After talking to her I know her bottom line and that she's eager to sell(divorce).

Now, I have a friend(also an agent) who I can send to her inquiring about the property and pose as the buyer putting the house under contract. Once we find the final buyer and do a double close won't we have to share the profits we make with our designated real estate brokerages once we close? So confused and nothing I've read on the forums thus far lays out the process, rules, restrictions that an agent may face. Any help would be greatly appreciated and sorry if I over looked a similar previously answered post.

Great! Look forward to hearing from you Robert!

Hello all, I must admit, I've been lurking around here for a few months after stumbling on to a bp podcast. The shows were addictive and passed many a run with josh and Brandon on the iPod. After being truly inspired, I decided to get the old real estate license and Pursue investing with a few basic tools I've acquired over the years. After graduating in construction management from LSU, I began a career in residential construction. When the economy took a downturn, I turned to residential property adjusting but married life ended that and so now I'm selling real estate. Even though I'm fairly new at it, I've closed 3 deals working with investors over the past 2 months. The market here in BR is pretty hot but there's not a lot of inventory out there so I'm scouring the MLS and am sending letters to out of state homeowners to spur some activity. I'd love to partner up with someone in the area or start a team approach to this investing thing. I have a lot to offer as I'm a full time agent with construction knowledge and a wife who is a full time abstractor. If anybody would like to discuss this in more detail, I would be enthusiastic in meeting and talking more about what your approach is in this BR marketplace.