Posted by Steve on August 13, 2008 at 11:14:29:
True, by law you can’t receive a finder’s fee. But I hear you can send an invoice for say “advertising services” for your share of the deal.
Short sale ? - Posted by thomas
Posted by thomas on August 12, 2008 at 12:03:58:
Suggestions solicited. I am not an agent and can not receive a “finder’s fee” by RE law in my state.
I have been told by my financial advisor that I have enough invested for the time being in real estate deals.
I found an investor who wants to go into a property 50-50. He is an agent and asked how we would set it up so I could receive my profit proceeds without being paid a finder’s fee. We will be buying a short sale property. This is an OPM situation and I would like to do several without being on a contract to purchase which is against the understanding/agreement I have with my financial advisor.
The plan would be to flip the property asap. I trust the other party. Getting my profit out is the issue. When and how can I best position myself to receive, for example 10k profits from the end-buyer’s purchase funds on a say, $50 final sale price. The end buyer may use cash or finance the purchase if it matters.
Thanks,
Tom