Consulting Fee
I am thinking of working with a couple sellers in moving there property. Is it ok to work as a consultant and get paid? Or would it be best to just be a principal and get involved in the contract?
I am thinking of working with a couple sellers in moving there property. Is it ok to work as a consultant and get paid? Or would it be best to just be a principal and get involved in the contract?
Yes, you can be paid as a consultant and be paid on the HUD1 when the deal closes. I have seen this done in different ways. I prefer to give the closing attorney an invoice for the fee and to be paid right at the closing table. To me this is the right way, now a friend of mine gets cash from the seller when the deal closes. You will have to decide on how you want to get paid and what you feel most comfortable doing.
Good Luck
Lori
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Thanks for the post Lori.
Any thoughts on how to make sure you get paid at the closing table? If Mr. Motivated Seller becomes ungrateful.
What if you were doing a equity split this would probably not be the way to go?
Well you could get them to sign and notarize the contract. And if they seem to be letting you out in the cold HAVE it recorded. That way they can't sell the property without paying you.
I'm not sure on equity splits unless you have the contract state half of the net goes to you or your company, then you could probably use the same method.
Hope this makes sence.
I'm a contract person and invoice person.
Lori
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