OfflineHello,
My name is Stacy and I bought the Dean Graziosi books 4 years ago. I bought them in audio format as well because I am a mom to 4, and My children are currently 5,9,12 and 19. My husband is employed for chemical Industry and makes a decent salary, but working for the man is a viscous cycle that can just leave you in debt. I decided to give REI a break and pursue Cosmetology school which I am currently enrolled in my graduation date is this December. I have really missed reading and learning the Real Estate World so here I'm back to my 1st love REI.......
My plan is to follow Dean's List.....Making Money Fast in as little as 30 days...
So today I will call title companies in my area and ask if assigning properties have been done or if they have done they before.
also to see if assigning a property is even Legal in my state which is INDIANA....
This is my very 1st step in gaining Real Estate Knowledge.... KNOWLEDGE IS POWER!!!
Work on Something You’re Excited and Passionate About, and then Make Your Dreams a Priority.....
Nothing worth it comes easy!!
I'm not asking for easy, just possible.....
I did my research on being able to assign a property in the state of Indiana and this is what I found:
As long as you are not tangling with real estate agents this is not a concern.
Because a real estate licensing board cannot regulate non-licensed individuals entering into private agreements for finding real estate opportunities provided the agreement does not cross the line into brokerage services
Always have a written agreement between yourself and the cash investor you are working with.
• The agreement should not contain any language that might imply a brokerage arrangement. The agreement should be simple and to the point and contain language that as the finder you will be compensated for finding prospective business opportunities, researching an area, finding a willing seller, performing due diligence, researching market conditions, etc..
• Your agreement should state that you will not negotiate with the seller or any party on behalf of the cash investor, you do not have the ability to bind the cash investor, nor will you serve in a fiduciary capacity to the cash investor.
• You might also possibly consider becoming a partner with the cash investor. In the finder’s fee agreement it might state that the Finder is entitled to an ownership interest of X% in any opportunity introduced to cash investor by Finder. Further this ownership interest should be convertible to cash at the election of cash investor or within X months after closing on the investment.
Now I have to state that you should run any surported finder’s transaction by a licensed attorney to ensure you are compliant with state law.
Work on Something You’re Excited and Passionate About, and then Make Your Dreams a Priority.....
Nothing worth it comes easy!!
I'm not asking for easy, just possible.....
I'm glad you found the difference between investors and agents. It is a really fine line between the two and it is very important to understand the difference so you aren't acting like a broker.
I get the response all the time that Assignments of Contract are illegal and you have to be an agent to find buyers. I laugh at this point now because people just don't have a clue.
I'm glad you posted this thank you
Mikessler
Work smarter not harder
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...