I'm a newbie to wholesaling but I have read on BP about the success of some people using RE agents to assist in getting deals under contract, as well as the overall benefit of having an agent that works with investors and wholesalers. Any thoughts on what the best way to go about finding the right agent? I seems like I could find myself on a wild goose chase waisting time.
Really, read that on BP? Have any links to those threads?
What you may have read was a Realtor doing a wholesale deal, those I've seen, they may also be getting into net listing situations, unethical or illegal practices.
Sorry, can't resist, a wholesale friendly Realtor in Salt Lake? You better pray on that one and don't be disappointed if your request is not granted. :)
@Kyle Cluff - that's going to be a tough one to find unless you're offering a flat fee to the agent for every offer they draft for you - and there would likely have to be several offers sent before you get any traction. Finding deals that you can make a buck wholesaling is not easy in our area right now. When those deals do come up there's plenty of active buyers with deep pockets or hard money ready to take down themselves. The sellers know that, and so do the agents, so you will get pushback from most seller's agents when they learn you are trying to wholesale - our hood isn't very wholesale friendly to begin with, and less friendly when there are active buyers like we have right now.
From an investor prospective - it would be sweet to get somebody else to do all the heavy lifting of finding a deal that I could wholesale and only have to answer a couple questions and pass some paper (there's more to it than that, but...).
From an agent perspective - if I find that great of a deal, I might take it down myself, or more realistically I would take it to my cash buyers that are waaaaaaay more likely to actually close, rather than a wholesaler that is going to try to pass the deal off to another investor that I have no experience with and have zero faith in their ability to close.
the point is - If a deal around here really is good enough to wholesale, there's already a cash buyer willing and able to take it down faster than you could wholesale it. It would be better for you to start saving your money and get yourself into a position where you could be that cash buyer - or at least be able to put 10 or 20% down on a loan and then flip the deal.
@Blair Poleman - Thanks for the advice and the information. i appreciate all the information that I can get. I have found that right now Utah is very difficult to find deals because the competition is so tight. I will keep grinding and hopefully land a few solid deals that can produce some positive results.
I hope I don't come off sounding like a negative nelly- we just live in kind of a tough market.
I agree, everything that I have looked into and all the people that I know and talk to on a regular basis say similar things. It's a tough market right now, you have to work twice as hard to make things happen.
This is a great question, and I agree with Blair - if you're trying to get deals under contract from sellers that are already working with agents, you've missed your chance.
I have seen some wholesalers that team up with an agent on marketing. You offering to front a lot of the money for a direct mail campaign would be a huge draw for an agent. There might be seller leads that don't want to sell to you, but could convert into listings for the agent. That type of mutual relationship could be very good, and I think many agents would work with you and be willing to write offers for you. If you had your real estate license, you could refer all of those leads for a referral fee! $$$$$
You'll be less likely to find an agent that will blast a hundred offers a week out for you, so you'd only want to get them involved after you've vetted a lead properly. Don't try to wholesale off the MLS by writing an offer on every property, unless your agent is totally on board with being "that guy."
Wholesaling can be a good foot in the door, but it takes work and it will take advertising. Read up on Utah state law, don't get mixed up in selling real estate without a license. Not all advertising costs money, but there will be time or other investments! No free lunches here. Good luck, buddy!
Wholesaling off the MLS would be super challenging. Less traditional methods of acquiring leads could be an avenue. If you can get the lead pre-MLS... get creative, you can do it! When you do find a deal, and if you need some help, let me know.
@EVERYONE who has provided responses. This info is super helpful, as I've come back to UT and found the market very different than I left it some years back.
I'd like to connect with you if we can team up. I'm a cash buyer and am actively looking for a deal in SL and UT counties. Open to whatever arrangement make sense for both sides. Willing to pay and work together, so let me know if you're open!
Hi - I would like to be added to your Buyers List. If you are still actively in the wholesaling market, please let me know! Thanks!
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