All Forum Posts by: Michael Giorgianni

I understand your point of view. Are you a licensed agent?

These wholesalers are a dime a dozen and are the ones that will be in and out of the game rather quickly. Build it like a business! I started wholesaling 7-8 months ago and have closed 9 deals. Not much, but it's a start. All of my properties have been deeply under market, cheaper than foreclosures and anything comparable on the mls.

My investors are buying at 65% of market value "minus" repairs or strong cash flow properties.

I have done little market due to my full time job, but now vamping up my business.

There are legit wholesalers out there! I've met some shady ones myself though too.

I'm getting off subject here though. I'd like to know if anyone else is "reselling" or "wholesaling" real estate with an active real estate license and have to have these profits go through their brokerage company?

Is there a difference whether the word fee is used or not? I'm assuming anybody can call it what they want. I use the term wholesaling when structuring a deal with an assignment or double closing (transactional funding) as neither would be using your own funds. Reselling to me would be buying/closing on the property myself then selling it. To each their own, I guess.

Unless otherwise explained, this would be very similiar to me actually buying/closing and reselling the property and the brokerage wanting to take a percentage of my "profit"?

Please understand it's a legal term that is placed in an "assignment agreement" that we as investors use instead of the term commission. It's "our fee" or like you said profit. However, let me know how you would write an assignment agreement without the word "fee", I'd love to hear your ideas.

I'm not doing double closings, this is another way to buy and sell, however, all of my deals have come from assignment agreements. I put a property under contract and assign my rights to that contract for a "Fee".

I did not want to get into a debate about your frustrations against wholesaling real estate, again, another "term". So if you don't have anything of value to add. Please move on.

I will say when I approached the initial broker, right from the start assumed it was illegal and felt like I was giving a lecture on wholesaling, gave them resources of other individuals who are doing the same thing, explained the process and different situations.

It's not very easy to meet for lunch with the legal counsel with my state association of Realtors as their office is 2.5hrs away. Maybe a phone consultation. I'm going to contact a couple other brokerage companies to get some additional opinions to see if this helps.

Would you suggest just contacting another brokerage company?

When you say "regulators", are you referring to the Brokerage Company or the legal interpreters with the Association of Realtors?

I have been building my wholesaling business for about 7-8 months now and have successfully closed 9 deals so far. I'm trying to find a real estate brokerage to hang my license with and have hit a little dilemma and trying to get some assistance.

I've spoke with a brokerage company that wanted to speak with our state association of Realtor legal hotline before signing me up and have come up with this scenario:

Any wholesaling fee or commission must be run through the brokerage company.

I can understand the commission, however, the problem I have is the fact that they need my wholesaling fee to go through the brokerage company as well??? Mind that I have been doing this without a license for months now. Is this common with Wholesalers that obtain their Real Estate license.

I feel like they are trying to collect both ends of my money.

Keep in mind, my decision is to do both!