Updated over 16 years ago on . Most recent reply
Question regarding wholesaler & broker relationship
I am still working on getting started. I started gathering my thoughts about anyone I know that could help me. I remembered working with a lady some time back at a bank. She used to have an RE license, but never practiced. Since then, she has left the bank. I emailed her just asking if she had access to the MLS, etc. She stated that she no longer had access personally, but that on the weekends, she works for a friend of hers that is a mortgage broker. She has access to the MLS through her.
We exchanged emails a little and I quickly realized that I could possibly have a very valuable resource. Because I don't know a lot about real estate as an "industry", I am not completely aware of how this could benefit me.
So, my question is two fold...what kind of help can I get from a mortgage broker. How can a wholesaler utilize this resource.
Secondly, how do I compensate? I mean, what's acceptable? I will have to generate some cash first (she's offering to help me for free, but wouldn't dream of that) in order to pay her anything...so, what can I do in good faith? I mean, she and I worked together for a few years. We know each other well, so that's not a real issue (the trust factor). I just want to make sure I maximize the relationship and that I compensate her well.
Thoughts?