All Forum Posts by: Account Closed

Thank you all for the feedback. I believe contacting the commission directly for answers would be best. Also, in light of avoiding this issue all together I am going to reach out to an attorney and put together a legitimate contract before moving forward with any transactions. 

I'm new to real estate investing and I am closing on a property tomorrow. I should be excited but I'm more nervous. This is the second wholesale deal I have completed on my own however this one is different. The property was brought to me by another wholesaler. I did not tie it up myself but I passed it along to another invetsor. The investor is paying me 13k which is awesome. I was speaking to a friend that is a Realtor and he told me to be careful I might be breaking the law. He stated I cannot broker a deal unless I have ownership rights via the contract. Although I did not negotiate terms or price am I still liable by collecting a fee? The investor had me send her an invoice and she has also placed me on the hud. Feedback would be appreciated. Thanks.

I recently found a property that was a great deal but I am not sure how to proceed. I was contacted by a wholesaler who was helping out a family friend to sale there home. He was out of state and I'm not sure how accurate his information was. His sale price of the home was low. Here are the numbers. 395K Purchase, 50K Rehab, 600K ARV, the spread would likely be 120K. I knew my investor would jump all over this home. I viewed the property with my contractor and everything checked out. However, he wanted 10K earnest money. For whatever reason I did not feel comfortable moving forward and passed the property to my investor. She is now under contract and has agreed to pay me 15K consulting fee. Although I did not negotiate the deal am I legally allowed to collect a consultant fee? If so, how should I structure the verbiage on my invoice? Thanks

I am new to wholesaling and have had some good success thus far locating properties yet I still don't know enough to get this thing off the ground. The partner I have been working with has shorted me on the 3 deals I have found thus far, so I decided to venture off on my own. I have a deal that was brought to me by another wholesaler in which he asked if I can help sale. The property is $395K and I have an investor that wants to buy the property for $415K. The ARV is $625K with only $40K in rehab. It's a strong deal. However I do not know how to proceed. Does anyone have any suggestions on whether I should go under contract with the wholesaler and assign to my end buyer? Or should I work something out with the buyer outside of closing?