I have started to look for my first investment property that I am going to BRRRR. I am a real estate agent but if off market deals are hard to find and I am looking a few cities outside my own market is it better to have another agent in that area looking for me or a wholesaler. Which how do wholesalers get paid?
@KG Morgan keep in mind for wholesale transactions you're either paying in cash or hard money. The wholesaler makes their fee by assigning the contract to an intended buyer and is paid the difference from the sale of transaction from what they originally had the property under contract for. When working with either an agent or wholesaler I advise you to run your numbers religiously. I would not rely on either party telling you the property is a good "deal." Hope this helps!
@KG Morgan I’d initially keep looking in your own market particularly if you might self-manage your first few properties.
It can take a while to find a good deal, depending on your market you may need to be searching by zip code or even neighborhood or particular blocks. If you can set up specific searches in your MLS that might help narrow the process some this might help.
My whole geographic region has about 7 towns in it that are pretty small so I tend to search through the MLS every day to get a feel for new listings, price reductions, and anything else that may occur. Obviously this is not feasible for larger markets.
As you said you can save on the commission and bring business to your brokerage.