All Forum Posts by: Kok Keng Goh

Sharon and Maryann,

We have a 5 page letter of agreement with our "birddogs" which spells out what we expect, what our responsiblities are, what the compensation is and how it's paid. In addition, our birddogs are kept in the loop with a weekly update on the status of the short sale. I agree that trust is important, but I also think you need to have everything in writing. Along with the letter of agreement, I get a W2 so that I can 1099 the Birddogs at the end of the year. The agreement clearly spells out that they are an independent contractor.

Communication is key. We take good care of our "birddogs", and have even surprised them with an occasional bonus.

Jackie,

I guess this is a pretty old post by now but I'd be interested in learning about your bird-dog agreement if you don't mind sharing. I followed your background and noticed that you do shortsales nationwide, as well as green development. I'd be interested in learning more about that since that's a personal agenda of mine in real estate.

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Check nmls.com for State licensing requirements. Here's the link:
http://mortgage.nationwidelicensingsystem.org/slr/Pages/default.aspx

It doesn't sound like you're trying to broker residential mortgages (owner occupied properties), but commercial mortgages (funding investors who want to flip the property to a homeowner, investor, etc). In general there ISN'T a licensing requirement for commercial mortgage brokers/lenders.

I am curious about the Securities license that was mentioned though. Will do more research into that and let you know.

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All Forum Posts by: Kok Keng Goh

Kok Keng Goh has started 0 posts and replied 2 times.

Post: BirdDogs - Finding them and paying them.

Post: Do I need a license to broker private/hard money loans?