Josiah Grimes explains real estate wholesaling: negotiate a discounted price with the seller, find a buyer with cash ready, and collect a fee for connecting them. Done right, it's legal and profitable without taking on fiduciary duties.
If you do it well, it can be a really phenomenal business model. You can bless a lot of people through it. You can think of it in one of two ways. Brokering a piece of real estate without a fiduciary responsibility. And instead of receiving a commission, you're receiving an assignment fee, or you're receiving the spread between a simultaneous close. Essentially what you're doing is you're negotiating with the seller for a discounted property, and then you turn around and you sell that same property to a buyer before you close on it in cash. Right. So before you have to actually close on it, you're going to take the buyer's funds and the buyer's funds are going to fund the purchase. And then you are essentially receiving a fee for facilitating everything. Now you have to do this correctly. You need equitable interest, otherwise you're going to break some brokering laws. There's definitely nuance to how you do it correctly. So it's 100% above board.
