Can a realtor collect comission when purchasing investments for themselve with the title and loan intheir name
I am a realtor in Florida and the sole reason I got my license was to benefit from the commission in giving me some instant cash flow for my deals Is it completely legal to collect the commission and put title and mortgage in your name?
Related Blogs
- Factor 54 :: F54 team goes BIG at WSA Salt Creek!
- How To Select Your Domain Name Right | Attorney Directory …
- How To Craft A Good Newsletter Title | Home Video Marketing
- The reason Oliver Kamm will vote Labour, regardless of the “feeble …
- The Name Game « Broke-Ass Stuart's Goddamn Website
- The Hidden Art of Achieving Creative Flow | Zen Habits
- 9 Steps to Achieving Flow (and Happiness) in Your Work | Zen Habits
- It's “Pet License Amnesty Week” in Rohnert Park- Sonoma County …
- Rodman & Rodman, P.c. Shares Cash Flow Tips in a Bad Economy « YUG.com
- Venice Stakeholders Settle with Coastal Commission | Yo! Venice!
- Reds win but title drifts away | United Rant
- The Island | Commission positions!
- How to Choose a Realtor | Accounting and Law Service
- Marriage License Public Records | Public Records
- Crush It! Why Now is the Time to Cash In on Your Passion | Social …
- New Reason to Submit Businesses to Google Maps: Google Navigator …
- PI Newswire :: Top 10 mortgage fraud states
- Justine Henin Wins First Comeback Title At Porsche Tennis Grand …
- Website Basics-Choosing a Domain Name – Web Host, Web Hosting Guide
- Best flow in the National Lacrosse League: It's Andrew McBride vs …
You need make the customary disclosures that you are an agent buying on your own behalf & you may make a profit in the future.
I did same decades ago as a single mother. Listed a home across the street from me. Wasn’t until someone pointed out this would be a perfect place for me to live, I made the seller an offer, used my listing & selling commission as the down payment & only had to come up with $900 for closing costs.
As long as you are not compromising your agency and you disclose your being a licenced agent, you should be fine.
Easy way to get the best answer. Call the State of Florida Real Estate Commission and ask them.
That should have been on your test.
Collecting commissions on you buys and sales depend on your belonging to the network of Realtors in your area.. Might have to belong to a member office or organization like the MLS listings service.. Had a salesman try to sell one of my units that was not MLS registered and got very little action, until he became a member.. Then my property was listed on their site and sold in a week.
If you belong to a office member, you will get regular commission as if you worked the deal..
What you want to do is to be the first person out there to talk with the seller so that you can give them a low-ball price and maybe get them to just sell it to you at that price since it would be a quick sale.. Have seen it happen here several times..
Yes it is completely legal, and I do it all the time. You just need to fully disclose you are a licensed agent when Purchasing, and selling. Most people think you only have to disclose when your selling. This is not true, it needs to be disclosed on both sides.
As long as everyone knows you are an agent/buyer then there is no problem.
Your broker will still want his share, but you can apply yours to your down payment or receive it as cash. You still made the sale, it does not matter that you sold it to yourself.