Wholesaling lease options
6 Replies
Charles Phelps
posted about 1 year ago
Hi y’all I was wondering could someone wholesale lease options through a real estate agent? Or do you have to work with a seller directly?
Jerry Russell
Investor from Fernandina Beach, Florida
replied about 1 year ago
Account Closed
replied about 1 year agoOriginally posted by @Charles Phelps :Hi y’all I was wondering could someone wholesale lease options through a real estate agent? Or do you have to work with a seller directly?
No real estate agent in their right mind would represent you on wholesaling a lease option. How would they get paid?
Charles Phelps
replied about 1 year ago
@Account Closed What I mean is if the seller’s agent agrees to a lease purchase am I able to wholesale the lease
Michael Carbonare
Investor from Fort Lauderdale, Florida
replied about 1 year ago
Definitely not. Deal direct with the homeowners. It's easier, less cumbersome, and more profitable. In 25 years I have worked hundreds of lease option assignments and can count on 3 fingers the number of times I used an agent. Not against them, mind you, but there isn't a need.
Liam Silva
New to Real Estate from Canada
replied about 1 year ago
I could only see it working for a wholesale if the agent is fine with walking away with some of your assignment fee (bury as much of it as you can into your TB assignment fee). Or if they will wait for your assigned TB to exercise option and then seller pays out agent (risky). Or if agent will take a bit of the rent spread from seller. Either way the contract the agent has with the seller will need to be looked at and overrided. If it is an old listing then contact owner directly and see if they are willing to wait out contract and then do business with you.
Jimmy Vreeland
Rental Property Investor from Saint Louis, Missouri
replied about 1 year ago
I have heard of deal like that
Joe Mccall is the expert on those type of deals
There are a couple of agents in St. Louis who are familiar with the strategy