I am a buy and hold investor and invest with a partner. His wife and my wife are also investors in the deals. I recently became a licensed broker in Illinois - this will be my first deal after becoming licensed.
I am planning to act as our "buyer's agent" and will be taking the buyer's agent commission. Everyone is aware of this and it is detailed out in our partnership agreement.
Has anyone had experience in a similar situation and were you advised to get anything else signed / more specific disclosure? I am having everyone sign agency documents (including my wife... that was in the study materials for the license exam!) but does anyone know of anything else specific I should get signed in this situation, different than when working with an unrelated agent?
@Matt Galas I am a broker and do my own deals. Just make sure you disclose when setting up the showing and on the contract write "broker" next to your name. That is really all that is needed
No need to get wife to sign you have husband and wife privlages ....
In all states you just need to disclose your a broker nothing more and good on you getting licensed so you can be a true RE professional
Talk to your accountant about taking a commission versus a reduction in purchase price.
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