All Forum Posts by: Woody Jean

Hi Brie,

Sorry, my post was a bit ambiguous and thanks for replying to it.

I want to know the multiple ways of paying brokers and are there any other essential pieces I should be putting into place as a future commercial and residential property manager.

I am starting a property management firm. I don't have a license and as you stated I would need one to make the deals myself. So, my plan is to start my management company and to hire agents/brokers to perform the deals since I legally cannot.

I can handle the start-up costs but as far as paying the agent/broker, that's not feasible. Going the route of paying them a commission is what I want to do. 

I am starting this pm firm in Connecticut and also would like in advice on what kind of contracts do brokers normally get while working on commission? Is it a one time commission fee per deal? Is it a fee plus monthly payment. 

Thank you,

Woody

I'm looking to begin management company with little cash flow to begin. I want to hire agents and brokers to make the deals on behalf of my LLC. I can't afford to pay them a salary so I would pay them a commission.

I am asking for any suggestions on how much of a % brokers/agents should be paid for each deal they close. Are there other contingencies that should be in play?

Thanks in advance.

Woody

thanks a whole lot for the advise Cameron and George. I was considering going with Legal Zoom to be safe but I'll look to see how comfortable I am with the paperwork before going in that direction.

I appreciate the clarification on veil piercing Michael.

I intend to build my investment base on rehabbing. I've recently learned that it's not necessary to incorporate before I begin and it can wait. What do you all think?

Thanks Phil Z.

I'm definitely not attempting to do anything illegal. Just read that preventing veil piercing is a good way to keep my personal assets from being exposed.

I'm setting up my LLC in oder to get started on my first rehab. I would like any advise on key attributes my LLC should contain in order to 1) have the best liability and asset protection 2) take full advantage of the tax strategies involved and 3) protect against veil piercing.

I've found some great advise on BP but I am looking for advise specifically pertaining to CT.

Thanks in advance!