partnering up

[Jason O.]

I went to a rei meeting. There was a lawyer there. I emailed his office if I can get contracts for assignments, disclosures, etc.

His paralegal says he doesn't do assignments and has his own contracts but does have a partnership program on doing short sales.

I have to look for a distressed property. They'll be teaching me and training me, handle all negotiations with on my file with bank/lender with me being the main contact with the home owner. They'll negotiate the lowest price from the seller and find a buyer with the highest prices. I just have to keep the home owner happy and informed.

split is 66% to 33%. It sounds like a bird dogging gig. I understand why they would want to negotiate b/c I'm new. But how will I know how much is being made?

I would need my own LLC which I'm going to do anyway.

What do you think people?

[Maryann L.]

I would find out exactly what your responsibilites are for 33%. Who meets the BPO agent, how is the property listed, who finds the buyer, who meets with the homeowners, who is funding the deal and exactly how this "partnership" is drawn up, etc.

Most bird dogs find the property but it's up to the investor to get it under contract. Find out specifically WHAT you'll be doing. If you're doing most of the work, and they are negotiating it should be closer to a 50/50 split. Also, I have used a lawyer for negotiations and to be honest, they did NOTHING but submit offers. There was no real negotiation.

I think it could be nice if this gets your foot in the door, but make sure you're not signing any type of non-compete so that when you fee ready you could break off.