Posted by William Bronchick on February 09, 2005 at 22:30:20:
If you could convince a seller to deed you half of the property, you
could convince him to deed the WHOLE THING! Or, at least give you an
option or contract at a cheap price.
DO I NEED A REAL ESTATE LICENSE FOR THIS - Posted by Angeline Williams
Posted by Angeline Williams on February 09, 2005 at 14:08:38:
Hi all
I have a question.
I live in St Petersburg, Florida. I want to do joint ventures with investors. What is the best way to go about doing this legally?
According to a contract, I received yesterday from an investor this is what my responsibilities would be:
- I locate property for sale, negotiate with seller, recommending the terms and timing of the acquisition of the Property. With all recommendations must be approved by MR. REAL ESTATE INVESTOR of course.
- I will provide ?Comp? Analysis.
- I will arrange for inspection and appraisal of the Property to be acquired by qualified professionals.
- I will arrange and oversee Rehab Work.
- I will market property FOR SALE BY OWNER and recommend the terms and timing of the sale of the Property with approval of MR. REAL ESTATE INVESTOR.
- Should MR. REAL ESTATE INVESTOR decide to rent property I will oversee that as well.
Do I need a real estate license here in Florida to do this.
Also can someone explain an open close?
Yes, you do, or various other licenses - Posted by Bill Bronchick
Posted by Bill Bronchick on February 09, 2005 at 16:27:39:
- I locate property for sale, negotiate with seller, recommending the terms and timing of the acquisition of the Property. With all recommendations must be approved by MR. REAL ESTATE INVESTOR of course.
–> This requires a real estate broker’s license
- I will provide ?Comp? Analysis.
–> Probably a broker’s license or an appraiser’s license
- I will arrange for inspection and appraisal of the Property to be acquired by qualified professionals.
–> Possibly a broker’s license
- I will arrange and oversee Rehab Work.
–> A contractor’s license
- I will market property FOR SALE BY OWNER and recommend the terms and timing of the sale of the Property with approval of MR. REAL ESTATE INVESTOR.
–> Broker’s license
- Should MR. REAL ESTATE INVESTOR decide to rent property I will oversee that as well.
–> Broker’s license
Nearly everything you are doing here is FOR THE HOMEOWNER or FOR THE INVESTOR.
When you act FOR ANOTHER, you are brokering.
Re: Yes, you do, or various other licenses - Posted by Bill H
Posted by Bill H on February 09, 2005 at 16:42:42:
Bill:
I agree with you if she is only doing it for the commissions or fees.
However: if she is a partner in the JV…and part ownership…I see no need for a license. She is doing it for herself as part of the JV.
Albeit there could be some other reasons for license as part of the JV in FL.
Right?
Good Luck,
Bill H
Re: Yes, you do, or various other licenses - Posted by Angeline
Posted by Angeline on February 09, 2005 at 16:35:47:
is the another way around this until i get a real estate license. can this contract be worded another way or set up another way that i can joint venture with this guy. to get a real estate license will take about 4 months.
Re: Yes, you do, or various other licenses - Posted by William Bronchick
Posted by William Bronchick on February 09, 2005 at 18:53:59:
Well, why else would she do it, except for a fee?
To some extent, yes, acting on behalf of a JV is fine, but what she
describes involves a lot of borderline things that would require a
license.
Another non-license, but legal way - Posted by John Merchant
Posted by John Merchant on February 12, 2005 at 10:53:40:
Echoing what Bill told you, if you were a JV partner in the deal, no license would be needed, as you’d be dooing “pro se” or for yourself as a prncipal.
You’d make a deal with the property owner, upfront, in writing, on a contract your lawyer prepared for you, saying for all your services in handling all the issues and things to be done on the RE, the owner is deeding you half interest.
Then he hands you the deed, you get it recorded, and you set forth to do your “thing” on the RE.
No license required for same, as you’re now working for yourself…incidentally, of course, for your other partner(s)too.
Better idea - Posted by William Bronchick
Posted by William Bronchick on February 09, 2005 at 18:51:30:
Instead of getting a license or doing things to work around it, BE AN
INVESTOR. Put a property under contract, then flip it (or “wholesale”)
to another investor. You don’t need a license to do this in FL.
Re: Yes, you do, or various other licenses - Posted by Tom-FL
Posted by Tom-FL on February 09, 2005 at 22:17:08:
Well, suppose the deed is filed as “Irving Investor and Angeline Williams as tenants in common”. Then in FL, she can buy, sell and contract on her own house.
Re: Yes, you do, or various other licenses - Posted by Bill H
Posted by Bill H on February 09, 2005 at 21:39:24:
I guess I broke the law for some time then. I used to put together JV’s partnerships, etc. Did all the work she asked about…and…did not worry about a license.
I knew I was and would be an active participant in the project.
Granted I tied up the property, with right to assign, and then did the rest of the work.
NEVER for a fee…always for participation.
Good Luck,
Bill H
Re: Another non-license, but legal way - Posted by Angeline
Posted by Angeline on February 13, 2005 at 08:38:55:
i added this into the contract:
have not checked it with attorney yet, but i saw one similar on line that was used previously
PROPERTY TITLE. The Parties agree that (a) MR. INVESTOR shall hold title to the Property and that PARTNER INVESTOR shall not hold title to the Property during the term of this Agreement; (b) this Agreement does however secure and solidify that it is hereby granted to PARTNER INVESTOR to acquire an undivided one-half interest in ?the Property?.
what do you think?
Re: Better idea - Posted by Terry Condran
Posted by Terry Condran on June 28, 2005 at 10:56:55:
What are the requirements in the state of Texas for finding notes and listing with an investor?