Couple of questions about Realtor's and Wholesaling...
Hey all! I just recently signed up with BP and have been looking into wholesaling in the Phoenix market. I don't have much capital to start with, but I've had some construction experience remodeling homes. There's a couple of things that I haven't figured out about wholesaling yet but I'm working through those.
The first thing I don't understand is a wholesaler sure sounds a lot like a Realtor to me. You find a buyer for a house that is for sale. I understand that you draw up a contract to purchase the property then find a buyer to buy it from you but my brain still thinks that's too close to what a Realtor does. Can you help me distinguish the two more clearly?
My next thing is I have a contact and she works with Canadian investors who buy properties down here in Phoenix. She is a Realtor and her husband remodels the houses she finds for her Canadian investors. It sounds a lot like wholesaling to me but I'm not 100% on what exactly she does. I know 100% she would help me get in touch with one of her investors if I found a property to wholesale. Even though I know her personally, I feel like I should kick her some $$ for helping me find a buyer. What do you think? Not knowing 100% how she operates, I feel like if I find a property to wholesale, ask her to get in touch with her contacts, and if they buy, she would get her commission anyways.
And one last question! If I find a property and get it under contract, but I can't find a buyer, am I stuck with this property? I can tell you right now I wouldn't be able to buy it if it came down to that. What kind of ramifications are there if it comes to closing and I don't have a buyer?
Just trying to make clear of every detail before I jump into this thing to avoid disaster!
Thanks in advance!
Gary