OfflineI have a question for the experienced RE investors out there. . .
I am just starting out and I'm going to be a property locator for awhile. I am in the process of putting together my buyers list. One of my buyers is in Los Angeles CA. I am in New England.
He wants to pay me a finders fee for property I locate in L.A that he and his partners can close on profitably.
These would not be assignments, just very good finder's fees.
He & his partner would like first contact with the owners since they understand how they want to purchase the property & can explain it well.
What would be the best way to structure the first few deals to see if this is legitimate . . .first sign a finders fee contract via fax, then provide property information?
What would all of you experts out there suggest?
Have them fax Proof of Funds showing that they are legit. And fax them the finders fee contract stating your terms for finding them deals and have them sign it. That would be my advise. Maybe someone else will chime in and give a different perspective. God Bless with your REI.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
First, thank you for your advice. Now . . . Let's say I have their proof of funds, do I fax them a finders fee contract that I've pre-signed, for them to sign, filled in with my/our finder's fee terms but without the address of the property filled in? Then once the doc is signed and faxed back to me, fill in the address information for my records and just e-mail the address to the other party?
Does this make sense? Otherwise, wouldn't we be giving up the address before agreeing on the fee for the information?
Thank you again, and God Bless
I'm in a similar situation. Its two guys one lives in New york and the other lives here In Atlanta with me. The guy in New york seems to be the one I have to contact on these deals. I need to know the same thing like how do these type of deals go down? They have five properties under contract and want my help to sell them and we split the assignment fees. The properties are here in Atlanta. I'm new to this so any info would be helpful.
They told me I couldnt, So I did it.
The motivation for me, is them telling me what I cannot be.
You'll already have the properties lock up under contract, therefore you control the property, so you can disclose the address. They have to sign your finder's fee contract agreeing to your terms or negotiate the terms and they sign back the Finder's fee contract. Also have them sign a Non Disclosure and Non circumvent agreement.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Not necessarily under contract . . . .just a property found that is worth pursuing by a buyer who can put an offer in and close quickly. It could be a property that is 500 miles away, or an REO where they won't do a P&S w/assign to a third party.
Some of us just starting out may not have funds to tie up property with contracts ahead of finding the buyers. Is it possible to still get paid a finder's fee or bird dog fee in these situations, or do we always have to tie up the property with a contract in some way first?
what you know about the property (broad description-no address) to attract buyers. It's best to have control of the property so no one can go around you in a deal. When you find a serious investor, fax them your Finder Fee contract and get them to fax it back signed then give them the information that you acquired about the property. Attend one of your REIC meetings (usually free for the first meeting) to start networking with other investors.
Some of us just starting out may not have funds to tie up property with contracts ahead of finding the buyers. Is it possible to still get paid a finder's fee or bird dog fee in these situations, or do we always have to tie up the property with a contract in some way first?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
Hi,
Finders Fee Contract,How good is that! I myself,In any information that is given...It is given(Not to say a disclosure would Work)Lock that DEAL down and HAVE full CONTROL.If you really know your BUYERS in this finders fee,I say go for it!I get the feeling,You know who you are dealing with.If my Six Sense is off...Lock that puppy up and use your Buyers List.
Invest in yourself!
What is the best way to gain control long distance or without a RE agent?
Where (State) is the property located? Where are you located? And where is your buyer located?
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I've just started, so I'm making up scenarios.
But I've contacted buyers as far as as MO who want to buy property in GA. I can't see how I would not need to use a realtor to help locate property and put offers in.