Developer offer to wholesale. What contract can I use?

Question

Hi everyone my name is Sherian and I have zero experience in RE. I live in FL and went to a FB seminar and got me interested. I've been reading a lot and watching a lot of videos. I told my friend who is a developer that I want to flip houses and he told me he has a better idea for me. He offer me to wholesale his properties, to find cash buyers that want to invest money and then sell it to an end buyer. I don't have a RE license. He's going to pay me for the first transaction with the investor but how can I get a profit with the second transaction with the end buyer? What contract can I use to secured that property and be me the one who can find the end buyer?

2. I also have a friend that is a Realtor and can find me investors. What contract can I use and how I can handle this transaction since I don't have a RE license?

Thank you in advance

2. I also have a friend that is a Realtor and can find me investors. What contract can I use and how I can handle this transaction since I don't have a RE license?

Thank you in advance

Sherian Rodriguez · Answer

My post was removed! Thanks for your reply @Chris Martin Im going to work for my friend until I get my license. In between I'm just going to keep learning. GB

Chris Martin · Answer

Welcome Sherian. I assume you are not acting as an agent for the FL attorney general :0

Have your contractor give you a part time position, not based on commission, but salaried. He can fire you if he wants, but the position requires you sell property for his company. That's the "job". Not an independent contractor, not a broker.

FL exemption to RE broker's requirement, per FL law:

(2) Any individual, corporation, partnership, trust, joint venture, or other entity which sells, exchanges, or leases its own real property; however, this exemption shall not be available if and to the extent that an agent, employee, or independent contractor paid a commission or other compensation strictly on a transactional basis is employed to make sales, exchanges, or leases to or with customers in the ordinary course of an owner’s business of selling, exchanging, or leasing real property to the public.

My 2 cents. Not legal advice. You may want to consider FL state law on this matter...