All Forum Posts by: Dany Namou

Yes with any contractor you hire, second opinions should be welcomed.. This is absolutely normal, and I would encourage you to do it.

Do note however, just because one realtor says they would list your house a higher price, doesn't necessarily mean you'll get that price.

Pay close attention to the comps they pull, and even ask them to leave them with you for reference. 

To find the right price for your home, a realtor should pull a home that is most alike your home in location, condition, and school district.

What most will do if they can't find an exact match (which is likely), is they will find the most similar home that has sold recently, take the price per sq ft and multiply it by the size of your home.

Do note if you have a unique home or a relatively expensive home, the realtor will likely have to make a number of additional adjustments.

I wish you the best of luck!

Brian Borawski is the go to for many Detroit Metro Real Estate investors:

https://g.co/kgs/wqomYO

His office is in Waterford, so it's somewhat of a hike from GP, but he's well worth the drive.

I think offering to take professional photographs in exchange for some shadowing is a phenomenal suggestion.

Better yet, try to be an assistant. It's the best way to get some first hand experience regarding what we do without being licensed.

I don't think all agents would be willing, especially top producers, but I'm sure you can find someone.

@ Lynn M. 

I suppose that would work, however this deal is asking for an amount of equity that is greater than what I will likely make in a lifetime.

I suppose I could ask for a percentage so small that it is equivalant to my commission though. Like a fraction of a percentage. 

@Jon Pitcher

Look at this:

https://www.sec.gov/divisions/investment/iaregulat...

It sounds like I could be exempt as this is not what I generally do. 

@Nick Anderson

I think your overreacting. Please check my PM. It's more complicated than you think.

@Jon Pitcher

When you put it that way, it does sound like this is a security, more than it is a real estate transaction. You make a very good point here. 

I actually think your right. An equity stake in a development/business that the investor takes in no part in running is just like a share of stock.

I suppose then, the prime question would be, is extent of what I'm doing enough enough to Garner me in violation of securities law. This I will have to consult with a lawyer with for sure.

@Katherine S

What parts of Detroit are you interested in investing in? 

@Jon Pitcher

Jon I don't think telling a friend or partner to check something out is in the same league as selling a security.

Furthermore, looking through the different securities licenses and the items which they grant a holder to sell, it doesn't really seem like this fits any of the descriptions. 

Maybe Series 7 and 63, but really it seems the deal is closer to real estate than it is to those. 

Do you have any legal referrals?

Yes I think the non compete isn't going to hold much water to either. Everyone I've talked to thought it was extremely unusual for a broker to do. 

25 mile radius from the office, so I suppose I do have sufficient wiggle room to switch brokers if this transaction begins to be materalize.

@Leo Lanza

Thats very true. However, I foolishly signed a 2 year non-compete agreement with my broker.

I'm going to consult my legal hotline tomorrow and I'll give everyone here an answer. 

I love all the feedback and responses, and it really displays the tremendous value of these forums.

Thank you all!