How do i guaranteed my cut in a work contact?

Question

I have recently agreed to be a property finder for a wholesaler to get 20% of his assignment fee on any successful property I help him wholesale. Seeing as how this would be my first time partnering up with someone, i would like to draw up some kind of agreement contract assuring the percentage i would be owed if he manages to successfully wholesale to one of his buyers. I only have one question: is there any way to verify or write into the contract a way to see how much his assigned fee was? Otherwise, I would only be relying off of good faith to get the cut i am owed. Does anyone have any thoughts or similar experiences to add from?

Elvira Longoria · Answer

@Carl Fischer

Thank you for you input. I do trust this person even though I have known him for a short while, I can never be too careful. And it's always good to get things in writing afterall. Yes, writing in proof of assignment fee into the contract is what I was thinking as well I just needed a verified second opinion since I have never drawn up a contract myself! Thank you for the encouragment, you are right about testing out of the first one at least.

Carl Fischer · Answer

@Elvira Longoria

Draw up the contract as you suggest and make a stipulation that you see the “assignment documents” and/or HUD. The other way is to agree on a flat fee. If you can’t trust the person you shouldn’t be doing business with him/her. Even if you trust him you still need it in writing. If he isn’t fair on the first deal there are plenty of people you can bird dog for and auction off each deal you find to your list of buyers/negotiators.