Help Please, Legal Question on Flipping. - Posted by Rob

Posted by JohnBoy on July 04, 2002 at 17:10:21:

If you act as some type of rep then you would be only acting as a birddog. As a birddog you don’t make very much. Usually $250 - $500 IF the person you are referring the property ends up buying it. That is not flipping property. That is like being a gopher for an investor.

Since you are already going through all the trouble of finding property, then why not just get it under contract yourself and flip it to the investor where instead of getting a measly $250 - $500 you can get $2500 - $10,000 or more depending on the deal???

Help Please, Legal Question on Flipping. - Posted by Rob

Posted by Rob on July 04, 2002 at 17:02:25:

If you are going to flip a property in Florida and you do not have it under contract, is there a legal way to do this? If you act as a rep or sub contractor for the investor and structure it as a rep fee and not a finders fee? Any and all advise is welcomed.

Re: Help Please, Legal Question on Flipping. - Posted by Juan

Posted by Juan on July 05, 2002 at 12:05:28:

Rob,

Unless you have a contract you do not have much of a deal. The only way I could see you making money on this is if your buyer is willing to pay you a consulting fee (it’s better if you have a corp.). GET IT IN WRITING, some sort of agreement.

Have you ever heard of an “assignmet of contract”?

Juan