Easiest Way To Hold A 5% Ownership Interest.
I pass on low equity deals weekly because Im not interested in purchasing for myself unless there is a $25k-30k net profit at minimum. I would like to step in and sell other peoples property and make a small margin without being licensed. Under Oregon Real Estate Laws you are considered an owner and legal entity if you have a 5% interest in a property and thus as owner are not required to hold a license to sell the property that you have ownership interest in. I am dealing only with motivated sellers so the contracts would not be a problem. I am just trying to figure out what method might allow me the simplest way to obtain the 5% interest in the property sell it for the distressed owners and make a nice little profit.
If this is what you want to do, why not spend five minutes and prepare to take the examination?
Thus, you will be doing something within the full protection and the letter of the law.
How proud you will be as the years go by to sit by the fireside and tell great tales of your times in the busy market of 2004.
The time you had to split a commission with that rapscallion broker from across the street. Only to be told at day of settlement that he was un licensed and as such his share of the commission had now escheated to you.
Oh what a moment of glory that was when the ex wife who you represented was notified that the sale of her prior residence had caused a rather large amount to be held up in the bank in a disputed account and that a representative of her choosing must now represent her at a delayed settlement conference and as such representative be entitled to a portion of earned commissions of the prior brokers who had closed the deal at
early closing
What a wonderful story that was about the time a Probate Judge awarded full commission to you as the other Agent in transaction neglected to properly present the offer and was eliminated from the trough of agency.
So many wonderful things to recount as the days pass by. Remember to get it all down correctly for while you may escape from this sphere with your deeds unrewarded. You sure as hell will be brought to judgement in the next existance.
Why you may ask? Very simple, I am going to be there first. Amen.
Munching in the Trough of Agency Lucius [ Edited by Lufos on Date 12/27/2003 ]
I would gladly get a real estate license but you have to be a broker for 3 years in this state before you can be a sole practition broker or principal broker. I have no problem throwing 1% to a principal broker when Im making $6500-$10,000 average commision on every sale. I have only found the average cliche type broker though that say REI BAD, CONVENTIONAL SALE GOOD. Plus I have a problem when an agency wants to steer brokers away from doing personal investing and advertising, etc. I have sent an email to association of independent brokers but no response yet. So until I find a flexible independent principal broker I have to find other solutions.