Posted by Doug Pretorius on April 04, 2000 at 10:31:07:
After the first few you should be holding them yourself!
Note Broker Question - Posted by Jerry-CO
Posted by Jerry-CO on April 04, 2000 at 10:24:40:
I have the potential of brokering many notes over time of a particular individual. What is to prevent this individual from going around me after the first few deals and straight to the institutional investor? A gentlemans handshake seems insufficient, but a formal agreement seems a bit much.
Re: Note Broker Question - Posted by David Alexander
Posted by David Alexander on April 04, 2000 at 16:30:21:
There’s really not anything you can really do accept hopefully do business with ethical people which always isnt an option, unknowingly. You can all the agreements you want but if someone decides to around you they will.
The real way to protect yourself is to develop your own funding sources by the deals and sale them, refinance, or restructure them later. That way you become the principal.
I know what Michael is talking about luckily the business in Texas he’s referring to went down, they went around me to my seller on a particulary big deal also.
Non-circumvent agreemwnts are only as good as the people who sign them. Your best strategy is to have a good contract to buy/option and then record the memorandum if nescessary, still not always a guarantee.
David Alexander
Good Apples Vs Bad Apples - Posted by Michael Morrongiello
Posted by Michael Morrongiello on April 04, 2000 at 14:50:44:
Jerry:
Your concern reminds of a funding company that shall remain unnanmed in Texas who decided to circumvent a broker on a deal after they found out the broker was making $25K on the note transaction.
Plain and simple; ITS NOT GOOD BUSINESS and word gets around.
If you want your funder to protect you on this deal and future deals have them state so in writing. We use a fee agreement that states just that with the brokers who work with my office.
Work with those that exhibit and are known for their honesty, forthrightness, integrety, etc. and let the thieves find one another.
Best of luck to you and your contact
Michael Morrongiello
Non-circumventure agreement works for me, but… - Posted by DanM(OR)
Posted by DanM(OR) on April 04, 2000 at 14:28:24:
its hard to get some people to sign them.
You can find one at the www.notenetwork.com site I think. If not let me know, I have a good one I use.
Dan Matejsek