My friend found out I invest in real estate, primarily as a wholesaler right now. He wants to purchase a rental property nowhere near where I'm wholesaling properties. He wants me to help him search online, talk to realtors, etc. how do I get pay for this type of transaction? Can it be legally added to the HUD? Help pls
I don't see why you can't do it like any other wholesale deal. Contract the property and assign it to your buddy fo an agreed upon fee.
It may just be easier to tell your friend to talk with a buyer's agent and get some representation. Unless you find a rental, get it under contract, and wholesale it to your friend, I do not see a way for it to be added to the HUD. If you are talking to realtors in a negotiation type manner for him them it is likely you will be seen as brokering if someone wants to make a fuss about it. Other than that, point him in the right direction and do not take a fee.
If you don't have a real estate license, you need to get the property under contract and then assign the contract to your friend.
I bet if you provide the title company with your invoice, then they will collect the funds at closing if your buyer is agreeable to it
Keep in mind my buyer is not a cash buyer. He's going to be using a loan from the bank. Can I work out an agreement with the buyers agent where I get compensated for bringing the buyer.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing