Buyer Asked Me To Sell His Portfolio!

[Richard Carpenter]

I approached an investor/Broker to ask if he needed any help in renting a recent purchase he made next door to me. During our conversation, he asked me would I like to sell some of his properties for him.

He has a portfolio of 20 properties, all occupied with Section 8 tenants, and he just emailed me the list, with his asking prices, and a total of each rent paid per property, per month. I replied to his email with somewhat of a contract which stated:

"First of all, I appreciate your business, and I am willing to work until all of your properties are sold. We need to come to an agreement:

I will sell each property, slightly above your asking price (2 to 5 thousand). When I give the buyer your phone number, if you negotiate with the buyer down to a lower price than I stated, I will accept a minimum of $2,000 for that specific sale!

If you should sell any other properties through my referral, a minimum of $2,500, per property sold is to be paid to me for allowing your contact information to be given to any other buyers.

This should be considered a contract.

Should you have anything you want to change, discuss, or upgrade, please email, or call me. When we agree on these, or any updated terms, I will start the process."

He hasn't made it home to check his email yet. My question to you guys is, Have I messed up?

[J Scott]

I'm not an attorney, but unless you're a licensed agent/broker, it sounds to me that you are going to be breaking some laws with this agreement.  You are essentially offering to broker real estate, but without a license.

I would consult an attorney ASAP...