Rental Property Investor · Corpus Christi, TX · Member since 2012 · 4 posts · 0 votes
Hello Everyone, I have been wholesaling several years and just recently Joint Ventured with other wholesalers to bring in buyers. At the present time I am just winging it. My question is , "What is the process that everyone is using?" Such as, how do I get paid, how much work do I do and what to say to a wholesaler when presenting the idea of a joint venture with properties he/she has under contract and can't move the property.
If a wholesaler has a property tied up and needs help with dispo, then typically a dispo partner who successfully sources a buyer would expect to be paid 50% of the net assignment fee. You would draft a JV agreement that gets submitted to escrow and you would stay on top of the closing process/escrow and make sure you show up as a line item on the estimated closing statement...you could also, to be careful, send escrow a demand that specifically states how much your are due at closing and payment method (i.e. wire or where to mail the check).