All Forum Posts by: Jason K.

Jimmy, I am licensed and I have collected assignments. It is legal. No bones about it. As long as you disclose your license, you can act as a principal as much as you want.

If you aren't in the National Association of Realtors, you are not a realtor, but an agent. We still put our pants on just like agents do. In no way does a license hinder your business, if you use it correctly. What is this fear of a "higher standard" about? It's no different than designations in other industries. Do what you're supposed to, and be honest. With any kind of license or certification you're held accountable and responsible. It's part of your expertise. Bottom line.

Well said, Bill. I think you have assumed that the wholesaler will take title and do a same day closing with his end buyer. In this scenario, the wholesaler will just collect an assignment fee, possibly some up front, the rest @ close.

In this case, if it were myself, I would provide my POF to show that I'm a qualified buyer for the price I am offering, regardless of my intentions, and will explain to listing agent the "and/or assigns" verbage if they are unfamiliar with it, so their seller knows exactly what this means and that I could be the buyer, someone else could be the buyer, or a partner and I, etc

If and when I step out of this deal, and my end buyer takes over, Listing agent will become end buyer's agent (intermediary, or the "messenger") unless end buyer is already licensed or represented. This will also be explained to listing agent at offer submission, that "there's a good chance you may wind up getting both commissions in this transaction"...

The only moral or ethical issue I could imagine here would be that "my intentions were wrong from the start, and/or I have used my expertise to take advantage of someone." But if I have show POF, and have disclosed disclosed disclosed fully, and possibly even add further verbage in special provisions that not only am I a licensed Realtor in Texas, but "buyer has right to assign this contract." (which puts it in the contract twice!)

What do you think? Like I mentioned earlier though, this type of deal isn't rich enough for most investors to partake in, IMO. But you never know how motivated someone really is until they get an offer.

The only way this would work is to send out many offers a day on properties your buyers would buy, and just low ball & hope you get a bite every now and then. If you could get a deal or two a month by this, you would be able to cut way back on your marketing $$. If you have the time of course...

I don't think it is illegal. Just wondering how common it is, or isn't. It seems to me that it would be difficult to get these at a steep enough discount, for most investors to act. These aren't REOs or foreclosures; they won't allow the assignment... Mostly properties that don't need alot of work, if any, but the seller was tired of waiting and accepted the wholesalers low offer.

Would you, as an investor, pay an assignment fee to a wholesaler to purchase a property at say, 20% of its value, then try to re-sell the house near what the listing agent had it listed for, if the home needed no repairs? Perhaps you made small upgrades here and there.

ie: Home listed on market at 100k. Wholesaler gets under contract for 80k cash. Would you pay a 3k fee to snatch this property, and attempt to re-sell around original list price @ 100-105? It just seems to me you'd be in the same boat as the original seller since it wasn't able to sell in the first place!

I'm just not seeing enough profit potential for most investors to act on a deal like this. This discussion came up with one of my buds the other day and this was my argument. Not so much if it's legal as my original post appears, but if it's a waste of time or not. This could make for a solid rental though, perhaps.

Anyone else want to add to this?

I've done facebook ads, got the clicks, but no submissions on my site..

Let's face it, the listing agent is more inclined to get a deal done if they are acting as a dual agent.

If I'm able to get a deal done for 10k less, and my commision would have been 3k if I would have represented myself...well, there you have it...

You are recommending that I do a simultaneous closing as opposed to collecting an assignment fee I assume, so that I technically take title, correct Bill?

No one wants to give away their commission, but if you're getting a significantly better price than you would be representing yourself as a BUYER... you act.

I agree with J Scott. If you want the big name your going to pay the big fees but you'll be provided with more tools/material, and provided w/ great training and office support.

If you're in it to cut commission costs or represent yourself in your own deals, a smaller broker paying more commission is probably the way to go. This does comprimise your support, training, and name recognition...

I started out with Coldwell Banker who was the top broker in Houston at the time. And I paid for it. Expect 50/50, 60/40 splits as a rookie until you reach a certain plateau..office fees, transaction fees, franchise fees, etc...

Once I learned the ropes, I broke away to a company who pays me 100% commish, with just a $99 fee for each deal, minimal support...

Interview a bunch and join the one you feel most compatible with!

Let me rephrase! I'm not seeking a legal opinion or legal advice. Just opinions on that scenario, if you've done one, etc.! It seems like a cost effective way to find sellers, through quantity of offers..

Can a LICENSED investor, with intent to Wholesale the property or assign it, get a property under contract listed by a realtor?

Basically the same scenario as going directly through the homeowners, but instead, you go through their agent, using your same verbage, contingencies, etc.

For this scenario -- Buyer, who is also an agent remember, will allow listing agent to reprsent him in sale.

Buyer, even though licensed, still has equitable interest in property & is capable of marketing property to end buyers after execution of contract, correct?

He Collects assnmt fee @ closing, the agent gets double commish, endbuyer is new homeowner.

Is this transaction permissable, or not? If not, what issues are you aware of, or buyer expect? If you are licensed, have you done a deal like this?

If you have a thought that does not include "seek legal advice or your broker", please do share!! All feedback welcome.

(ps. investor has disclosed to all parties his licensure) :D

I'm struggling to setup my keywords for my local search campaign. For those of you that have successful adwords campaigns, what are motivated sellers searching for when your ad pops up? It obviously is a very niche target group to reach..

Any advice is appreciated.

Thanks,
JDK