Posted by Ed Copp (OH) on September 09, 2003 at 17:22:31:
is legal if you buy the building from him first, and then sell the building that you now own. You can also accomplish this be selling your position in an “offer to purchase” contract, or an “option” to purchase contract.
Option A is no,no. Since what you propose is acting as a real estate broker, for I might add a tiny fraction of the going rate.
Least risk, and best chance of success is with an option, for as long a time as possible. Then sell your option.
How to profit the most from finding a buyer? - Posted by chris
Posted by chris on September 08, 2003 at 18:03:22:
Hi, I’m new to all this real estate thing.
My neighbor just asked me if I could find him a buyer for his building. It has a restaurant downstairs, which he also owns. Above it, it has several apt units. The building is located in a very busy street for tourists in NYC. He already paid for all the mortgage, and he wants to retire.
What’s the best legal way for me to make money out of this?
Option A
I could find him a buyer and ask for, say, 2% commission of the closing price from him. But is it legal if I don’t have a RE license?
Option B
I could find a buyer and sell the building at a higher price and keep the difference as my profit. I believe this is legal from what I’ve been reading. But since I’ve never done this before, I have very little knowledge on how to begin and do it step-by-step, but I could certainly learn.
So what’s the best way for me to do? Option A or B? If you could also direct me to some resources for me to learn more, I would appreciate that too.