How do I get paid for bringing a buyer?

10 Replies

So I might be closing on my first deal today.  I called a bandit sign and introduced myself to the wholesaler.  I told him I'm new in this business but knowledgeable and I'm looking to grow my network and possibly partner up on some deals.  He had one. I told my buyer about it and negotiated.  He's buying at 90k but there's no room for me to buy cheaper and reassign it at 90k. I know we unofficially partnered up and it should be a 50/50 split by bringing a buyer but I know that won't happen. 

I still don't know what he has it under contract for but my guess is 70k max 80k.  What would be a fair cut for me?

How should I approach him about this?

Don't want to sound overconfident but I don't want to get taken advantage of either. 

Your help is greatly appreciated.

If he is willing to share his commission then he could assign the contract to you for less than 90, and you could assign the contract again for 90. That way everyone gets their share.

Colin Smith, Real Estate Agent in CO (#ER.100052152)
719-232-6709
Originally posted by @Colin Smith :

If he is willing to share his commission then he could assign the contract to you for less than 90, and you could assign the contract again for 90. That way everyone gets their share.

 Now let's say he does assign it at 85k, is it that simple to assign it again to a third person?

That would be a better question for a RE attorney in CA. That contract could get a little complicated and may need to be written up a little differently. 

Colin Smith, Real Estate Agent in CO (#ER.100052152)
719-232-6709
Originally posted by @Colin Smith :

That would be a better question for a RE attorney in CA. That contract could get a little complicated and may need to be written up a little differently. 

 Yeah I figured.  Thanks for the quick response. 

In the future.... Work that out BEFORE introducing anyone to anybody. This guy could just cut you out of the deal and there's nothing you could do. Don't make that mistake again!

Ryan Dossey, Real Estate Agent in IN (#RB15001099)
Originally posted by @Ryan Dossey :

In the future.... Work that out BEFORE introducing anyone to anybody. This guy could just cut you out of the deal and there's nothing you could do. Don't make that mistake again!

Thanks for the advice. Nothing has been signed yet.  I have a good relationship with my buyer and he even offered to let the deal go if I didn't get my cut, which I kindly declined.  He's going to request that I get a finders fee assigned to me in the contract.  I did speak with the wholesaler about this and he's going to speak to his partner about my share. So I hope it's a fair amount.

Splitting a deal that many ways I wouldn't keep your hopes up. Most wholesalers are happy if they can make a few grand. It seems like this one has 2 or 3 people adding their mark up on it now. 

Ryan Dossey, Real Estate Agent in IN (#RB15001099)

Good luck...things like this can get out hand real quick.

@Troy W.  We talked and he didn't care if I reassigned for a couple thousand more.  I believe we built a good relationship and I told him my main goal in this deal is to provide value to him and my partner.  I don't mind if I get a $100 dollar check, I just a want a check to say I closed my first deal lol. 

@Brent Coombs Haha I didn't think of that.

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