All Forum Posts by: Terri Johnson

Thanks everyone. I reached out to her and said that I would like to give her $500 as a finder's fee and that next time, let's discuss it in advance. She was thrilled and totally on board with that. :)

I do think that it was exactly as Lydia said, an afterthought and probably a suggestion from somebody else. I believe that she originally sent the deal my way because I gave her an hour of my time to help her with some questions she had about finding deals and reaching out to probate attorneys, etc.

If it has been stated up front that there was a finder's fee, I probably wouldn't have blinked, but the fact that it came along after the fact is what is jarring to me. I think she will eventually be a good wholesaler but she hasn't gotten a property under contract yet. I want to encourage her but not be held to something that wasn't agreed upon upfront. Still mulling over it...

Recently, I had an acquaintance tell me about a great deal she found from a wholesaler. She wasn't interested in it because she only wants to wholesale herself right now. She gave me the name of the wholesaler and sent me the address of the place. She said that she ran the comps and felt like it was a good deal for a flip or buy and hold.

I wasn't looking for a property at the time because I was in the middle of a flip. However, it was a good deal, so I decided to buy it. I let the acquaintance know that I bought it and thanked her for bringing it to my attention. I was planning to also write her a note and send her a Starbucks card.

BUT then, she asked me for a finder's fee of $1,000. Honestly, I was taken aback because we hadn't talked about this at any time prior to this. I didn't know that that was why she was sending me the deal. What would you do? I'm grateful that she sent it my way, but I would have liked to know about the arrangement ahead of time.

Thank you for any insight you can give me.

Thank you so much for this information.

 Oh, I am so very happy to hear this. I thought that once they ran the preliminary title that I would have to stay with them because they have already done the majority of the work.

The assignment fee is stated in the assignment of contract. They just aren't adding it to the closing statement.

 Can I do that once I've started with a company?

I could use some advice! I didn't end up with an investor-friendly title officer as I asked the wrong people for referrals (oops) and she doesn't know how to transact a wholesale deal. How can I help her?

She is still considering me the buyer when I have assigned the contract to someone else. She is still using the purchase price that I got the contract under and not taking the assignment fee into consideration on the closing statement.

What can I do? Does anyone have an example closing statement that I can show her? This is the first wholesale transaction I have done.

Thank you!