OfflineHey fam, I PM'ed this question to a fam member I respect, but he might not be available and sence Im meeting with a new broker tomorrow morning (3/21/11) and dont want to look, Im just posting this. Any of you EF Huttons that can offer advise, please fire away:
Hope your having a good Sunday. The dogwoods and apple tree blossoms are beautiful down here in AL.
I was reading a post of your on Mike Hines thread and I have 2 questions: (l) Is it legal for a RE agent to compensate you for bringing him a buyer. And (2) is it legal for you to compensate a RE for bringing you a tenant buyer for an LO? I want to be squeeky clean and I know that you, Mangham, Pohl and Kendrick tell it like it is, which is what we all need. To h**l with the nice and fluffy stuff..just tell us how it is so we can emulate and keep our noses clean.
Thanks guys. Sometimes it better when we let our ignorance show!! 
Steve
We seldom get what we want, but we will always get what we expect.
Steve there are all different contracts, I know that agents get paid for lease agreements so I would think it's OK but I'm not a REALTOR or LAWYER so wait for more info.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Jimmy K. It always good to know that you are watching!!
Steve
We seldom get what we want, but we will always get what we expect.
I like ur realty pic, but dont you have the "guts to post ur REAL pic". Lol
For heavens sake. look at my mug! :sick
Steve
We seldom get what we want, but we will always get what we expect.
Steve this is what I am that's all that matters
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
You are going to have to have that question answered by someone in YOUR state. If the deal is in another state then by both. Each state has different regulations on that. Go online and check, if possible, with the S.O.S. office Real Estate Commerce Division or equivalent dead first thing in the AM if nothing else. I've been approached by Principle Brokers a few days ago to contract with them in other states to work with them and get paid. First chance I get I'm buying into pre-paid legal. But also I've been warned by others to watch my step as Agents are known to try and entrap us so it is goood your checking.
Michael Radtke
www.nationalpropertyscout.com
Slide Show:
www.nationalpropertyscout.com/Slide-Show.html
in the morning. Very good advise and I will take it.
Steve
We seldom get what we want, but we will always get what we expect.
to make an evaluation on my own. Ms Karen made some remarks about you being smarter than you look, an I just wanted to see if that was true. You got to be "purty" ok looking cause ur pretty smart. Have a good evening Sir.
Steve
We seldom get what we want, but we will always get what we expect.
in a general sense, it is illegal for most real estate agents to compensate non licensed personnel for performing a service pertaining to real estate. Some states have small exceptions to this rule in regards to a small (ex.: $100 gift card)for an introduction....but you can do no part of a real estate agent's job. The second part; Is is legal to compensate a real estate agent for them to bring you a tenant/buyer as long as it is in the open. That means a contractual compensation agreement through his broker agency. Needless to say, this information probably has different tweaks to it in each state as real estate is governed by state law, not federal law.
Remember, I am not a real estate agent or a lawyer, even though I may play one on TV.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
That's why I advised him to check in the morning. I've found some where you can and some you can't and for most you have to work with the principle Broker under contract so he/she knows what the agent is doing and how it is being done.
Steve think of it this way. That agent is a contracted employee of the agency and the Broker. Like Bill says it can be done but watch your step.
Michael Radtke
www.nationalpropertyscout.com
Slide Show:
www.nationalpropertyscout.com/Slide-Show.html
when uncertain always ask I found out it never hurts to ask and you can always get help here
you guys for the feedback. I am checking in the am an find out exactly what the deal is. Yall have a great evening.
Steve
We seldom get what we want, but we will always get what we expect.
Yes it is illegal to both
On the first, it is called a kickback and that is a no-no
On the second question, you compensate the broker on a pre-arranged agreement, not the agent, but generally you get your commission from the broker, not seller.
I kinda figured that, but got a little confused as was reading about an investor paying % of profits for cash buyer leads, and later that same investor receiving a portion of realtors commissions for leads he provided. (Talking about confusing...what about this question?) But it past 8:00 pm, so it past granpa's bedtime.
Steve
We seldom get what we want, but we will always get what we expect.
I have never seen Jim in person or a picture either. That was why I made that remark about him being "smarter than he looks". (Which you probably already figured out anyway.)
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
by Ms Karen. They say we pick on the people we like, and on this site you "know thats right"! Im glad your knee is doing good and also hope your getting into the work routine OK.
Steve
We seldom get what we want, but we will always get what we expect.