Investor Agent Relationship
My buddy the investor. wants to sign a
agreement with him that in part states
I cannot partner with anyone else for two years once we get the ball rolling. It is not my intention to partner but I'm wondering if this is a standard agreement.
My buddy has Properties and has been to a shortsale seminar but has not done it .
I do not know if I would sign anything like that. What is his reasoning for making you sign this? Also, what are you, the silent cash partner... or? Two years can be quite a long time in your investing career... trust me. In 2 yrs I have went from high school, to RE agent(with a partner doing well) to being an RE agent/investor.. perhaps just sign a form per deal stating that neither one of you will steal that particular deal from each other and you will both work together on it?
Quote:
On 2004-09-09 01:31, Niceguy1 wrote:
My buddy the investor. wants to sign a
agreement with him that in part states
I cannot partner with anyone else for two years once we get the ball rolling. It is not my intention to partner but I'm wondering if this is a standard agreement.
My buddy has Properties and has been to a shortsale seminar but has not done it .
[quote]
On 2004-09-09 02:27, Ruman wrote:
I do not know if I would sign anything like that. What is his reasoning for making you sign this? Also, what are you, the silent cash partner... or? Two years can be quite a long time in your investing career... trust me. In 2 yrs I have went from high school, to RE agent(with a partner doing well) to being an RE agent/investor.. perhaps just sign a form per deal stating that neither one of you will steal that particular deal from each other and you will both work together on it?
He is the guy with the funds an investor
I have no money I would supply the feet on the street effort finding places in foreclosure..... He will train me, supply the notices of default ,the literature ,website In exchange I don't run off with what he's taught me.
LIke I said he has had training but has not done shortsales just went to a seminar
Hope that clears things up
I would agree with Ruman, I would not sign something like that. A LOT of things could change within 2 year period.
This would not apply to investing I can invest in RE if I want with him or on my own.
This agreement is in regard to "Chasing foreclosures"
I am generally in agreement with everyone else here. Even if it is only "chasing foreclosures" I still would not sign it. Your investor has no track record. He only has book knowledge which you can get just as easily. Now, if he wants you to sign a confidentiality agreement with regard to the information he purchased and is giving to you, then that is a different matter. The other issue about his request is that it could be construed as restraint of trade, and non enforceable. Still not a good idea. If you really want to know more run it by an attorney.[ Edited by bnorton on Date 09/09/2004 ]
I have no idea Niceguy, I am on the opposite coast. I would suggest you check with your local REIA. They should be able to point you in the right direction.