OfflineOk so i totally understand matt larson's strategy and leverage with a "killer" agent. My question is if I assign a contract to another investor how does my agent get paid? So in other words, If I factor in a $5,000 profit for myself, would I tell my agent hey you get half, I get half? I could totally see this when you buy properties and fix and flip yourself, I just need clarification if this works with wholesaling. thanks everyone
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Agents get paid by the seller, unless you specifically work out something else. Buyer is in the clear. You keep your $5K.
Rina
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thank you rina for your info. If i used Matt Larson strategy, wouldn't I be bringing in my real estate agent on the buyers end (which means money out of my pocket by whoever buyer I have)? Not trying ot beat a dead horse here, I just have read that Dean bring's in his agent on a lot of his deals and I was wondering if i'm only wholesaling would I be bringing in an agent on my end?
Thank you
If your agent is representing you on the contract to purchase, they would be also representing the end buyer in the assignment. Your agent would be paid at the close of escrow by the listing broker. If you work out a deal with another agent to supply an end buyer, then it would be up to you to compensate that agent.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Thanks Al. I understand now. At the close of escrow, would they be paid by my profit in the contract or would the end buyer have to pay them? what if the end buyer doesn't want to use an agent, but my strategy would be to use them to leverage my time and draw up the agreements? Sorry to keep asking this, just want to be totally clear on what i'm doing
I assume you are talking about paying a third agent, who is representing the end buyer. Because there is not a listing agreement that is set up to compensate the end buyer's agent, that agreement would need to be established seperatly. You could agree to pay the agent, or the end buyer could pay the agent. I would set up agreement so that no compensation is paid until COE.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw