OfflineI think I am on the way to my first deal. Here is what is going on.
I found an investor who is looking to buy apartment complexes. He is looking for property with over 40+ units. They must be 50%+ occupied and being sold for 70-80% of FMV.
I found exactly what they are looking for. It is a 48 unit complex with 42 of the units rented out. The price they have on it comes to about 75% of FMV from the best I can tell.
I have talked to the seller and got all the details. Now my buyer is very interested.
I want to be able to cover myself so that I don't get screwed out of my finders fee for the property. We agree on 1 1/2% of the sale price with a max of $15,000.
I believe that they will be able to buy the property for $900,000.
Is there any contracts I can use with the buyer to make sure that I get paid my finders fee?
Thanks and I am looking forward to doing my first deal.
Adam
You can check out the Forms and Docs on this site as well as the forums. Different types of contracts (birddogging as well) have been included. Always make sure you have a contract (in writing) or you will not get paid. Also, do not give out any info on the property (especially location) until a contract has been signed. Hope this helps. If you want direct help I would suggest PM'ing some of the people who have been on the site for a while. They are very helpful.
Michel
I checked out the forms and docs section and there isn't any form that covers bird dogging or finders fee.
Thanks
Hey Adam,
Im not positive but I believe it is a Promissory Note
Curtis
I have it but i dont know how to attach it here
I have one that I used.
PM me your email address and I'll email it to you.