I think I am on the way to my first deal. Here is what is going on.
I found an investor who is looking to buy apartment complexes. He is looking for property with over 40+ units. They must be 50%+ occupied and being sold for 70-80% of FMV.
I found exactly what they are looking for. It is a 48 unit complex with 42 of the units rented out. The price they have on it comes to about 75% of FMV from the best I can tell.
I have talked to the seller and got all the details. Now my buyer is very interested.
I want to be able to cover myself so that I don't get screwed out of my finders fee for the property. We agree on 1 1/2% of the sale price with a max of $15,000.
I believe that they will be able to buy the property for $900,000.
Is there any contracts I can use with the buyer to make sure that I get paid my finders fee?
Thanks and I am looking forward to doing my first deal.