Verbal permission for a finders fee, now what? Need Guidance!

[Jon Mark]

Hello all,

I am new to real estate and wholesaling, but serious about getting started.

I need guidance, with a multifamily property that has been on the market almost a year. It's for sale by owner, poorly marketed, which is why I think it has not sold yet. 

It is located in an emerging market, where tons of development is happening, and is currently operating at a 10 cap.

It consists of 3 homes, 1 mobile home, and 1 vacant lot, all adjacent to each other. 

There is definite value add opportunity, by rents being under market value, the vacant lot, and making tenants pay for their own water and sewer. This could even be a great "house hack" for somebody.

I just got off the phone with the owner, and he said he would be open to paying a finders fee if I could lead a buyer to him. I've never wholesaled anything before, what do I do next? 

How do I market the property, legally? (I'm in Texas if that helps)

Do we agree on a small fixed fee (say 5-10k?) or should I try to get the difference between the agreed upon price and what I can wholesale it for? 

What is my next step? Thank you

[Russell Brazil]

No, you can not market a property for sale for someone and collect a fee for bringing him a buyer. That is the very definition of brokering real estate, which requires a license to do so.