When we are wholesaling/birddogging we can legally collect our finders fee in two ways without a brokers license.
1.) Put a deal under contract and then assign the contract
2) Use transactional funding and do a back to back closing or a double close.
The third way is a part of my question below :
So my question is do we have to put the deal that our buyer/investor wants under contract and then assign the contract
or can we legally collect our finders fee without putting the deal under contract and assigning it when we get a 1099 from our buyer/investor and have an agreement with our buyer/investor that specifies that we will get a finders fee for the properties we introduce to them which they close on ?
I have heard that the investor or investment group can provide me an annual 1099 as my tax-paying document when i file taxes on April 15th.
And then unofficially place me beneath their "payroll" as an unofficial employee of their company and disallow me from needing a genuine real estate license to find property offers for them ?
So if i have an agreement with my buyer which outlines that they will pay me a finders fee and give me a 1099 for the properties i introduce to them and they close on, can i get legally paid this way without the need to assign the contract ? I just hook them up with the owner direct and let them make out the contract the way they want it.
When we are wholesaling/birddogging we can legally collect our finders fee in two ways without a brokers license.
1.) Put a deal under contract and then assign the contract
2) Use transactional funding and do a back to back closing or a double close.
The third way is a part of my question below :
So my question is do we have to put the deal that our buyer/investor wants under contract and then assign the contract
or can we legally collect our finders fee without putting the deal under contract and assigning it when we get a 1099 from our buyer/investor and have an agreement with our buyer/investor that specifies that we will get a finders fee for the properties we introduce to them which they close on ?
I have heard that the investor or investment group can provide me an annual 1099 as my tax-paying document when i file taxes on April 15th.
And then unofficially place me beneath their "payroll" as an unofficial employee of their company and disallow me from needing a genuine real estate license to find property offers for them ?
So if i have an agreement with my buyer which outlines that they will pay me a finders fee and give me a 1099 for the properties i introduce to them and they close on, can i get legally paid this way without the need to assign the contract ? I just hook them up with the owner direct and let them make out the contract the way they want it.
Thanks !