I've been investing on my personal portfolio and doing wholesale deals for a while, but I've always sourced my properties so I do not work much on the co-wholesale side. What is the best way to go about co-wholesaling? normally verbal agreements are common but trying to move a property when there is no real vested interest and pinky promises are not exactly part of my professional protocol .. any enlightenment would be appreciated.
I would have a written agreement with you and the other wholesaler. Also, I wouldnt usually let that wholesaler do any marketing for the property, as that can lead to just other wholesalers getting involved then your in a daisy chain nightmare. Cowholesale if that wholesaler has a buyer that they can bring to the table right away. Split the fee 80/20 :) or 50/50 depending on how nice you are.
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We use a (flex) option contract. Basically makes them a partner in the transaction giving them and only them the right to sell/market the property. It goes on the hud and the money gets dispersed accordingly.
I think Nathan's got it right.
Hello @Rafael Cortez
Just last week I co-wholesaled a property in Phoenix AZ. The wholesaler had the property under contract, but I had the cash buyer. At the close of escrow, he sent me $5000. So it's nice working on deals with other wholesalers
Sometimes I have cash buyers but no deals.
Sometimes I have deals but no cash buyer.
It's always nice having other people who have the same endeavors as you.
Feel free to send me an email: [email protected]
Do you still fill out an A to B and a B to C contract along with the flex option agreement?
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