Arik1 0 Report post Posted February 8, 2011 What if a homeowner isn't interested in lease purchase but wants me to market their property for a straight rental - does anyone have a sample of a lease consulting agreement form that is specific for a straight rental and not lease purchase? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 8, 2011 Arik, here is a Consultation Agreement I use with straight rental deals. Use it/tweak it as you like.Consultation_Agreement_3.doc Share this post Link to post Share on other sites
Arik1 0 Report post Posted February 8, 2011 Perfect MC!!! Thanks!!! Share this post Link to post Share on other sites
Arik1 0 Report post Posted February 8, 2011 MC, "Consultant has provided opinions to assist the Client in setting up a lease agreement between Client and ______________. " Does the name of the tenant go in the blank? Can we sign this agreement before we have a tenant in place? Please advise. Thanks! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 9, 2011 Yes, I wait until I have a specific tenant in mind before completing the form. If the homeowner you're working with seems so untrustworthy, you might want to just pass on the deal altogether. Besides, if they are less than honorable, no document is going to make them walk the straight and narrow. One more thing: I was reminded by fellow member Jonathan Rexford that acting as a "consultant" in these deals is pushing the envelope as far as brokering real estate without a license. It's a grey area. So just be careful and use discretion when doing your deals. I mean, the Real Estate Police have never come knocking on my door at 3:00AM, but try this with the wrong person and you may find yourself with the local real estate commission writing angry, threatening letters. Share this post Link to post Share on other sites
randian 0 Report post Posted February 9, 2011 One more thing: I was reminded by fellow member Jonathan Rexford that acting as a "consultant" in these deals is pushing the envelope as far as brokering real estate without a license. It's a grey area. So just be careful and use discretion when doing your deals. I mean, the Real Estate Police have never come knocking on my door at 3:00AM, but try this with the wrong person and you may find yourself with the local real estate commission writing angry, threatening letters.Florida Statutes 475.01 says, in part, a broker is somebody "who directs or assists in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a sale, exchange, or leasing thereof, and who receives, expects, or is promised any compensation or valuable consideration, directly or indirectly therefor". It would not be difficult for a district attorney to argue that you, by telling the seller how to best advertise their property for lease/option and select terms that will appeal to buyers, have "assisted in the procuring of prospects" and that the fee was "compensation or valuable consideration, directly or indirectly therefor". FS 475.42 makes doing that without a license a "felony of the third degree", the punishment for which FS 775.082 says is a "term of imprisonment not exceeding 5 years" and FS 775.083 levies fines "not to exceed $5,000". These penalties are so stiff it's hardly worth the risk. The realtors cabal has done a pretty good job locking up their monopoly under the false guise of "protecting the public". Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 9, 2011 As I said, the Real Estate Police have never come knocking on my door. Due diligence and discretion about who you work with and you should fine. I certainly don't like awake at night worrying about whether or not the tenant I found for Joe Homeowner is going to be the deal that puts me in the Big House with Bernie Madoff for five years. The realtors cabal has done a pretty good job locking up their monopoly under the false guise of "protecting the public".Amen to that! Share this post Link to post Share on other sites
