Hello,
I was at a local REI investor’s meeting and there was one pro who advised me to start calling Mtg Brokers and ask them for lists of people who had tried to work with them but in the end couldn’t qualify due to bad credit but were still “cash rich.” I’d work out a birddog deal with the Broker to split the “fee” 50% with them if I took their list and went out and paired up the names with Investor’s L/O properties. (I don’t know how the financing part would work.)
My question is: #1 How do I structure a 50/50 deal with the Mtg Broker so I sound like I know what I’m talking about and #2 avoid getting in trouble for “pracising RE without a license” ?
Thanks,
ChrisC