OfflineI found another wholesaler who has a property under contract with alot of equity in it and wants to flip (not assign) it to a buyer (double close). I have a buyer looking for this exact kind of property. Can I enter into a contract with the wholsaler to buy the property that he has under contract with the seller, and assign my contract to another investor? So essentially there are two middle-men between the seller and end-buyer.
Or perhaps I should steer clear of anything too complicated at this point since I'm just starting out and don't yet have an attorney on my team, only two people on a buyers list, and have never done a deal?
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Just ask the other wholesaler what kind of fee he would pay you if you supply the buyer. This is know as co-wholesaling. Then you sign an agreement between you and the wholesaler stating he will pay you X amount at closing for providing X buyer. Keep it simple!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
That's great advice Michael, thank you for simplifying that for me. That opens up a whole new door of opportunities.
... at it best!! Thank you Valerie, for the confidence to post your question to us. Thank you Michael, for freely sharing your knowledge.
http://freedomstrategiesunlimited.usapropertywholesale.com
Many people avoid working with other whole sellers. You can actually pull off some pretty good deals by partnering with others. You both can bring something to the table that the other doesn't have for that deal. Good job!
Chris
"Faith is the eternal elixir which gives life, power, and action to the impulse of thought.
"Faith is the starting point of all accumulation of riches!"
- Napoleon Hill, Think and Grow Rich