Wholesaling as a realtor

10 Replies

I’m a licensed realtor in Illinois. What is the best way to go about getting into wholesaling? I also have my general contractors license, will that be beneficial in giving repair estimates to my cash buyers? Any info will be helpful. Thank you

I agree with Sammy G.  It depends on the house as much as the seller.  If that thing is highly unlikely to pass any kind of inspection or appraisal for standard/traditional bank financing, then who is going to buy it?  Some investor, that's who.  And they won't overpay.  So in many cases (not always) listing it is just a longer and more costly route to selling to some investor at wholesale pricing..

You don't necessarily have to wholesale it either.  You can take it down, do limited or not repairs, and wholetail it... or owner finance it. 

And if you are qualified as a GC then providing a real repair estimate would be a source of credibility that so many other wholesalers just don't have so I'd definately view that as a positive.

If net listings are illegal in your state, make sure to double close.

@Mike Easton the key is the mindset during conversation 

typical realtor conversation -- market price blah blah ... i can list 

wholeselling conversation -- i saw your house and can pay you $XXK with $XK earnest money

Given you are a realtor , you really need to polarize (two extreme) your customers to see if they are retail seller (have time and not in need of capital immediately) vs someone really needs to get out with cash on hand yesterday.  Hopefully that way, if you cant buy it then at least you will get a listing contract .  Try that with you next lead ... Happy hunting :) 

@Mike Easton Hi Mike, I am also a licensed realtor in IL looking into wholesaling. I’ve talked to my broker and they told me that since I am licensed whenever I would to get the check from the wholesale deal I’d have to split it with them. Do you know anything about if I do or don’t...I’ve done a lot of research and haven’t gotten a straight forward answer. Realtors say one thing investors say another! Lol.

The best way that I’ve been told to do is, do it under your own name but have in writing they understand that you’re a realtor not listing the house but buying the house for xxx amount of dollars. Your broker would love for you to wholesale it because they’d make way more money than probably the listing would get. Since wholesaling doesn’t require a license there’s no need to use yours as long as you disclose it. Hope this helps.