Wholesaler and Agent Relationship

[Juan Oropeza]

Hi BP, I am new to wholesaling and I am very confused as to how exactly a wholesaler (me) works with an agent since I will directly wholesale the deal to another end buyer. So here's what I've been told as the best way to go about it:

1. I should email agents and let them know I am an investor looking to buy properties in the area. Once i've built rapport with the agent I will ask the agent to pull a report for me for the last 30 days of properties within the price range of say, 300k-500k that were recently listed, sold and avg. days on Market.
2. FYI, I was advised to not EVER tell agents I am wholesaler and that I will be wholesaling the deals. As far as they know I am the investor. 
3. If investor asks for proof of funds. What do I do? 
4. Have the agents send me properties within my criteria.

This is where I get stuck. Once the agent sends me the properties and let's just say I find one that makes sense and we make an offer and it gets accepted... 

So now I have it under contract...

The contract thats being used is a CAL BRE contract. Is the CAL BRE contract assignable to another end buyer if so how. At this point how do I wholesale it and will the agent be bothered that I wholesaled it to the end buyer. Im guessing I just simply use an assignment form and collect my assignment fee and walk away and the end buyer and the seller go to escrow.

If someone can clarify this part (or the whole process) step-by-step and what to expect, what to do's and what not to do's I will greatly appreciate it. 

Thanks in advance everyone!

[Mike Cumbie]

Hi @Juan Oropeza,

Generally speaking if it is on the MLS an agent already has a contract with the seller so that even if you go speak to them they are going to be paying the agent. As a wholesaler you want to go out and find properties that an agent has not been working with.

A way to get "in" with an agent is once you find one of those properties and the homeowner wants to sell, but there is no meat on the bone and they refuse to go down in price. Refer them to a guy like me. I say hey great and go get a listing. Now when you find something else you are going to call me and say "Hey Mike, could you run me some comps on a property so I have an idea of what ARV is going to be"?

I'll say "Sure Juan, give me about an hour to get over to my system"

Then I let you know the value and you work a deal with the homeowner if you can. You find another one and it rinses and repeats. Then when you find one they won't budge you know where they need to be referred to. As you ask for reports or comps or other local RE information (They are changing bus lines, big business is going out or coming in). I help you out and you help me out. I don't care that you are a wholesaler.

Every agent is different though, find one you can work with. Have something to offer in the beginning though (Motivated Leads are good things) because we do get plenty of requests for things without a possible end payoff. Having someone who I know will be throwing things my way from time to time makes for good business.

Just my thoughts of course and your mileage may vary