Funny situation I am in but I'm running with it. A relative in my family is selling a property in Massachusetts and it has a shared driveway with another lot/house. Both my relative and the other property owner want to sell and I have recently connected with an agent who has a lot of Buyers/developers interested in the property. This will be an off market deal and I don't have a prior relationship with this agent, but he seems to be a straight shooter.
I am curious as to the best way to navigate this deal while solidifying a finders fee for bringing a 2.4 mil deal together and bringing it to this agent who will be representing both Buyer and Seller.
I am not an agent, just a MF investor who is just starting out. I would love to explore the wholesaling side of REI but am focusing on MF buy and holds at the moment.
It is a great opportunity in my mind to learn a bit about the ins and outs of wholesaling but want to get everyones opinion.
This is not a wholesale deal. My suggestion would be to enter into a marketing agreement with the realtor and provide him with pay-as-you-go leads. This will be your first and maybe only leads. If he is double-ending a $2.4M deal, he stands to make $120K at 5% commissions.
Jim, appreciate the response. Yes definitely not a wholesale thanks for the correction. Ill look into a marketing agreement.
@Ryan Tierney Two comments:
1. Unlicensed wholesaling is illegal in Massachusetts.
2. It is also illegal for a real estate licensee in Massachusetts to pay finder's / referral fees to unlicensed persons.
What you might consider is finding an investor to help you buy, improve and resell. If it's possible, change the driveway configuration so that it's no longer shared. That's a deal breaker for a lot of buyers.
Appreciate the insight on those points! Ill definitely look into connecting with an investor
A referral fee should have been established at the on set of the introduction but it's not too late to have that conversation with the agent before it's concluded, they should make some accommodations for you for sure if it is a $2.4mm deal.