I’m a licensed realtor in Florida and I have a question about wholesaling and it’s legality as an agent.
I have a large agent in my office that is running aggressive online campaigns to generate distressed properties/leads. She plans to get the properties as a listing.
I was curious if I was I could send a purchase contract to her with the assign- ability clause under my name/company?
Could I then wholesale those properties? By charging a consultation/finders fee?
I don’t want to make a killing on one deal, I was thinking 5k per deal.
I have an extensive list of cash buyers, as I currently deal with many of them on a regular basis.
I’ve done investment deals before but always as an agent representing the buyer or seller.
Any advise you guys can give would be very appreciated!
All fees must go through your broker.
I second John’s comment. All monies have to go through your broker. To the best of my knowledge there’s nothing illegal about assigning a contract or wholesaling in Florida.
@Ashton Meetoo If you have "an extensive list of cash buyers", then why do you need to wholesale? Simply contact the agent with all the leads, ask for a "first look" and if any of your buyers wants any of the deals, you represent them at purchase getting your buyer's agent commission based on sale price. If you are good, you can arrange to contract your buyer to give you the exclusive listing on the back end for any flip deals as well earning you more commissions, no wholesaling needed.
I also second what John stated, all fees must go through your broker.