I'm looking into working with a real estate agent. This agent has helped my buy and sell many properties that i have flied over the years. Now i am starting to get into wholesaling and am wondering if i should get him involved with helping me buy houses that are not on the MLS yet. They are banked owned or vacant and cant find the owner. Also once I have the property under contract i will use the agent to list the house on the MLS. Just trying to figure out if this is a good idea or not? Will we both be able to make some money or will this just cost me more? Doesn't seam like many people do this because its hard to find info about it.
When you say buy you mean get under contract right?
Interesting idea I'm not sure how that would work, in my area I don't think you can list a house on the MLS that you don't own in your name.
As far as wholesaling you guys could just work together but i don't think him having his license will help.
It will cost you more, but may protect you from penalties associated with unlicensed brokering.
A realtor isn't going to be able to market and sell a home on the MLS that you don't own. When you wholesale you just have a contract with the owner that gives you the option to purchase the house at a specific price. You don't have ownership interest in the house at this point.
They would be able to help you buy vacant non-bank owned homes, but you would need to factor in a 2.5% to 5% fee for them to do this for you. Banks typically won't sell the homes they own until they are ready and they list them with a realtor. So even a realtor won't be able to help you much with these.
Bottom line is a realtor isn't going to be much help to you as a wholesaler.
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