In my quest to raise cash and pay for my next adventures, I have decided to scout out property for other investors. I am hoping that by doing this I can build a stake to invest on my own. I am also hoping to network with these other investors to possibly complete some joint ventures in the future.
My problem is that I want to protect my interests in the property and my ability to locate investment properties. In short, I want to make sure that I receive my â€œFinders Feeâ€. I am not into doing a bunch of work for nothing!!!
I decided that I needed to have a legal and binding contract with the investor(s) that would assure me that I would receive my cut for finding the property, should the investors close the deal. You can check out a screen shot of page 1 of the agreement at the top of this post.
Currently I have a signed agreement with one investment group. I am contemplating getting agreements with other groups in hopes that at least one group will be able to close on the properties that I find. However, I donâ€™t want the competing groups to find out that I am working both sides as I may lose both of their business because of it. Maybe I will offer it to one group first and if they canâ€™t get the deal closed, I will try another.
Anyway, hereâ€™s to hoping I can use my time and knowledge to raise the necessary funds to invest on my own!