Builder's deal?
Hi
A buddy who is my neighbor in a commercial building. I have a retail store, he has a mortgage brokerage office.
He has this deal he told me about.
A builder he knows has 6 brand new residential properties in an affluant part of a Detroit suburb. The average price of each is $700K
The builder wants to sell them all or individually at market price and give a check back at closing for 75K to 100K per house.
In other words there is instant equity.
Question.
.1 Is this common place?
.2 I do not have the means to acquire these at the moment nor do I have them under contract. Is 10% of the equity a reasonable fee for a finders fee?