All Forum Posts by: Chetan Patel

@Bill Devola maybe you are right.. just wanted to make sure with the community before I do anything illegal. Things got complicated when I started to think about putting in offers thru the MLS. I have seen the boiler plate contracts and that was my intention on using for leads that come in from anything outside the MLS which would disclose "buyer is a licensed real estate agent in state of NJ".

Do you have any comments about this section

Secondly, I see your point about the disclosure in marketing material, but could it not work if I disclosed that I am a realtor once i get the lead/call from a seller? Also if it goes and further then the P&S agreement would disclose it in writing.

Thanks

@David Choi Just so I am clear on this. If i get a attorney to type up a P&S contract disclosing that I am a realtor that should work? Obviously I would have protection in that contract to back out etc..

Secondly, I see your point about the disclosure in marketing material, but could it not work if I disclosed that I am a realtor once i get the lead/call from a seller? Also if it goes and further then the P&S agreement would disclose it in writing.

Also I should be able to use the attorney drawn up P&S agreement for both MLS and direct leads?

Thanks

btw i sent you a Private note... I have colleagues in northern jersey so would love to connect.

Hi All,

Looking for some help here, as i went thru many topics related to writing offers but it really didn't clear my concern. Maybe I missed the one I needed.

I am a RE Agent in the state of NJ. I got my license to access the MLS but really interested in investing. It just seems like too many ethical issues with disclosures compared to just investors who are not licensed with less restrictions. Which isn't a big deal, but I'm looking for some clarification on what steps I should take so I don't lose my license and advantages of having a license while investing.

Questions:

I want to make offers on properties on the MLS, but do i need to use the (long) state forms or can i use a simple Purchase and Sale agreement disclosing I am a RE Agent making cash offers? It would be burdensome to go thru the long P&S agreement if I am planning on making 5/6 offers a week. Is there a easier and faster way?

Also, If am doing marketing for investment deals do i have to disclose I am realtor in my marketing material such as yellow letters, postcards, door hangers? or do I just inform the seller when I get a lead that I a real estate agent and I can have a simple two page Purchase and Sale agreement with the Agent disclosure when the time comes?

Also, I just want to thank you guys in advance. BP community Rocks!! So many helpful folks on here sharing a wealth of knowledge.

Thanks

CP

Hello All,

I am going to my first REIA meeting tonight in NJ, and was wondering if anyone had any good advise oh how approach and ask questions to wholesalers and private investors, since I am mostly looking to rehab for now. I want to use the convenience of a wholesaler, and use private money to fund the project. I understand it's not as easy at it seems, but this is where i am looking to start.

Thanks in advance for any useful info.

Chet