Posted by Evan on May 03, 2003 at 15:48:28:
Recommend you check your state’s laws on this, might be legal, might not. Also, recommend you post this on the “RE Legal” CRE board…might get an accurate legal opinon there.
Has your group thought about forming Limited Partnerships (LP) or Limited Liability Company (LLC) for some of these projects? That why the “finder’s fee” might be legal… Anyway, recommend you do check with an attorney of this. Do you have an attorney in the REI group?
Last point. I’ve read lots of post on CRE’s boards and most of the problems presented could have been prevents with good RE legal advise. I’m finding can’t cut corners on legal assistance…it’s a necessary part on duing business! Paying an attorney is a lot cheaper then fighting a law suit later, and again pay lot more for the legal advise!
Best of luck in you ventures and please keep us posted on how this works out. It helps us all learn more about this very profitable business.
PS. I’m not an attorney…so these are just my ideas and opinions.