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FIB - Scams 101 - Ye Olde Archives
Posted By: eshannon In Response To: Finders fees? real estate Biz. I have e-maIled Jim Straw and waiting on responce. (Mana)
Sunday, 6 February 2005, at 7:05 a.m.
Maw Maw,
It's not illegal, but I don't know how easy it would be for you to make any real money yet.
There 2 ways that I know of to make money this way.
First.. from mortgage brokers. I was a Bank Manager. Several brokers would come in, take me out to lunch, and give their pitch about why I should give them referral business.
Now, I work for a HUGE bank, but there ARE several types of loans we don't do. We don't touch people with bad credit. We don't do construction loans under $500k. And there are several types of commercial/investment property types that we don't finance.
There was one broker that I trusted and had a good relationship with. If I couldn't do the loan, I'd give his card to the customer. If the deal got done, his company would give me $300.
But I was a Bank Manager with hundreds of clients coming to ME. I don't see how a regular person could make any substantial money with this method.
Second way... you find a seriously undervauled property and purchase an option to buy for 30-60 days. It will cost you a few thousand. Then you have that amount of time to find a buyer. If you do, ask for a finders fee. If you don't, your option expires worthless.
You say that you found some of these properties? Then you need to buy an option.
If you're not a heavy hitter in the real estate game, this is very risky because you're not networked and don't have a pipeline of possible buyers. And I'd imagine that nobody would sell that sort of option to a rookie anyway.
You can read more about this in the Rich Dad Poor Dad series. I'm no expert and have never done this myself.
OR.. if you think you have a knack for finding good deals and finding buyers, why not get a real estate license? Much less risky.
Hope this helps.
Eric
> Ok here goes........
> I have been researching the real estate biz for a while now and have made
> a few contacts. All have offered me a percentage on a "finders
> fee". Is this illegal to do with out a real estate license or a
> broker license. I don't want to "Have to" spend hours in some
> school to get side tracked on what I am wanting to do.
> Here's the Deal.....
> I seem to have found the sellers can't find legit buyers and the buyers
> can't find People willing to sell cheeper. (below value of the Homes.
> I have found both!! Can I set it up between the two? I want to make sure I
> don't get my hinney in t-r-o-u-b-l-e (as my mamaw puts it.) I am not the
> type that looks good in an orange jump suit. Nor, am I one who wants the
> IRS to come ringing my doorbell(it's disconected anyway but that's not the
> point.)
> Any help on this would be great!
> You guys and gals are wonderful!! Brownies all around!!! I have the milk.
> Thanks
> Mana
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