any pointers on finding buyers for another wholsaler's deal?

I'm going to email/call other wholesalers and find buyers for their pending deals. I would appreciate any tips from you if your doing this now. (best way to approach them, things to watch out for, paper work you use or not, etc...)
I'm going to offer my service, to find them a buyer, and in return figure 1k is not too much for my fee.

Oh...If your a wholesaler in Orlando area and are interested in me finding buyers for you PM me. Bill

PS I am thinking of a flex option if needed...any comments?

Edited: 06/26/2010 at 10:42AM

Bill R

Contractor · Oviedo, Florida

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Dec 01 '09, 07:01 AM

should learn to spell first... :oops:

any info to edit post would be appreciated.

Edited: 06/26/2010 at 10:42AM

Joshua Dorkin

BiggerPockets Founder · Denver, Colorado

Donor Pro

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Dec 01 '09, 07:08 AM

Bill - You have to edit your post within 10 minutes of posting. Any changes after that can come in the form of an amendment to the post.

BTW - I've moved your post to the dealmaking forum.

Good luck!

Edited: 06/26/2010 at 10:42AM

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Bill R

Contractor · Oviedo, Florida

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Dec 01 '09, 10:47 AM

Thanks Joshua and thanks for bringing us BP. I tell everyone I know about it.

Edited: 06/26/2010 at 10:42AM

Demos Loizides

Real Estate Investor · Dale City, Virginia

279 posts
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Dec 01 '09, 11:25 AM

Bill R. - Are you going to charge the other wholesaler a fee for finding them a buyer? I usually add an additional small assignment fee on top of the other wholesaler's price. My job would be to market the property and get the lead. Then I send the info to the first wholesaler, since it's really their deal. I let them know how much I'm marketing the property for, so we're saying the same thing to the end buyer. The first wholesaler will just collect my fee and his from the end buyer and pay me my fee after he gets paid.

Edited: 06/26/2010 at 10:42AM

Bill R

Contractor · Oviedo, Florida

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Dec 01 '09, 01:19 PM

DemosL- yes i am hoping for 1k fee (to find the buyer) but will discuss it with the wholesaler first to see what they think. I don't know if the wholesaler will take it from his/her portion or would rather add it to the price.(probably add it to the top) I figure if I target wholesalers with a lot of product I'd be doing them a great service to find buyers they don't already have.
I'm assuming both you and the wholesaler are marketing the property at the same time; have you ever had a buyer see the first wholesalers marketing and ask about the price difference? (your small fee on top of original price)
Thanks for the info.!
Do you do any paper work between the wholesaler and you?
I was thinking of just going out and find a buyer for one of their properties and set up an showing with them. I thought it would be a good way to "prove your worth." I think I'll wait and talk with them first though; but if all else fails!

Edited: 06/26/2010 at 10:42AM

Demos Loizides

Real Estate Investor · Dale City, Virginia

279 posts
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Dec 02 '09, 03:38 AM

I don't usually market a property in the same place the first wholesaler is using. I use a flex option to purchase agreement when dealing with other wholesalers.

Edited: 06/26/2010 at 10:42AM

Bill R

Contractor · Oviedo, Florida

18 posts
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Dec 02 '09, 05:35 AM

Thanks demosL

Edited: 06/26/2010 at 10:42AM