BiggerPockets

Well here's the scoop, I am a cash investor who has the money, but doesn't have the time. I am looking for someone that has the time, but doesn't have the money. Together we can be a great team. I am interested in someone with real estate experience to pretty much do all the legwork and just needs me to write a check and sign. You would:
1. Have to be super motivated and hard working, I want a hustler especially in the weeks of researching and viewing potential deals.

2. Locate the deal. Either by using your license if you're an agent, or by working with my/an agent and viewing multiple properties in areas/markets you are familiar with. I prefer you working in a particular town/market that you are familiar with for obvious reasons.

3. After you locate potential projects put together a report on the following;
a. What needs to be done to it rehab wise in order to sell it quickly and for top dollar.
b. A good amount of recent comps of other properties that have sold in the immediate area that are very similar to what this property would be once rehabbed.
c. What we will need to spend on the rehab, this needs to be fairly accurate so if you are not knowledgeable in this I have a GC who would work with you.
d. What price we would need to get this property for in order for it to make sense and hit our margins.
e. Put together a price where we can easily sell it once finished in less than a month. Not what we should be able to sell it for, what it will sell for quickly.
f. Anything else I may think of that would make sense to include in this detailed and educated report.

4. If it makes sense to me we will put in the CASH OFFER/QUICK CLOSE "AS IS". Obviously this gives us an edge in the market and more negotiation power.

5. Once accepted we will push for a quick close and we will do what needs to be done.

6. After closing you will work with the GC to rehab the property to what you felt needed to be done in order to meet your numbers from your report.

7. You will start figuring out marketing at this time and do anything you can to set up potential buyers.

8. Once rehab is done you will market the heck out of this property by working with a realtor or listing it yourself if you are an agent. As well as other forms of marketing; craigslist, other adds, etc.

9. You will handle all contact with realtor or potential buyers.

10. Once sold you will deal with everything that doesn't personally need me.

11. Then Once sold we will take sales price and subtract all costs (initial purchase price, any fee's, rehab, holding time, closing costs, taxes, etc.) and split profits 50/50

Deals have to make sense, I'm thinking am minimum of us both netting about $25,000 per $100,000-$130,000 I spend on purchase/rehab. So an example would be:

Offer get's accepted for: ($106,000)
Rehab costs: ($18,000)
Fee's, closing costs, hold time, etc. ($12,000)
Sale price: $208,000
Profit: $72,000
Taxes: ($22,000) (this I will talk to my acct about)
Final Net: $52,000 or $26,000 each

If I were to invest more money bottom line net profit would have to go up accordingly, I'm not quite sure where I would have to cut off at how much I would be willing to spend, but for first deal or two I would be interested in something of this caliber. I haven't decided yet, but would consider a bonus higher percentage on final net profits above margins/speculations, but then again a penalty if it falls below.
I would like deals to go from A to Z in 3 months or so if possible.

• Research/viewing 5-10 homes a day 5 days a week should produce a few offers over 3-4 weeks in which we will win one. I realize this is speculation and a killer deal could be found in 2 days or it may take 2 months, this is just a ballpark. Networking to get 1st opportunities on foreclosures will be important as well.
• Quick cash close should be no more than 2 weeks
• Average rehab should take no more than 3 weeks
• Gives us 5 weeks to market and sell it which should be more than enough
• And then I guess however long it takes for the buyer to close but if the other steps were done in this time frame we are doing well.

So that's about it, if this seems like something you feel you would be great at we can definitely build a solid future here resulting in multiple deals, higher allowances and of course building up your own bank roll to be able to start doing your own deals as well. Email me back with some information about yourself, your real estate goals and why you feel you would be good at this. Be able to complete a background check as well. Thanks and I look forward to meeting you!

Email me at [EMAIL REMOVED]

I would be very interested in working with you I keep running up against the same brick wall, I have found numerous deals that even hard money guys are saying look great but it seems I can't find anyone willing to work with someone without them having "skin in the game" The fact is I am a self employed father of 6 children two of them teenage slaves I mean sons who would be more than forced I mean willing to assist me in helping to get a property up to par and save on costs. Just kidding about forcing them, they are actually both quite enthusiastic about us working together. Anyway, I have been struggling and starving to get in this game I have invested every spare scrap of personal finances time and energy into getting into real estate and at this point It is do or die. When I say I am hungry, motivated and willing to do whatever it takes I mean every word. I have considered every possibility that is not illegal, immoral or unethical over the last several weeks.

Thanks for listening to my rant if this is something we could do together I would be thrilled and would get to work right away.

Robert

Joe,

Let me know if you didn't receive my CR.

Greg

A couple of thoughts.

I think the three months A to Z (close to close, I think you mean) is unrealistic. You're suggesting about one month from the time you start marketing the property until you have a contract. Unless you price these properties very low, I suspect you're looking at a longer time. You can get an estimate of this by looking at days on market for the areas you're talking about.

You appear to be doing a 50/50 split. Taxes should be after the split, since each participant's taxes will strongly depend on their personal situation. You sound like you're likely to be in a very high tax bracket. If your rehabber has the ability to spend all their time doing these projects, its likely they're in a much lower bracket. Split 50/50, then each pays their own taxes. If you think you need a bigger cut, just be up front and say its 60/40 or whatever.

Joe, how has this worked out for you so far?

Hey Jon it's going great. I actually had a buddy I grew up with that was a real estate agent and an appraiser, he was interested so I ended up working with him. We just sold our first one last week. 4 months from him finding it, through buying, rehabbing, selling and closing on it. So I am pleased. His real estate commissions get included in my costs and we split 50/50. This one was bought for $145, put $30 into it and sold for $225. Ended up being just under $40 total profit after all costs. We just bought another one we are closing on in a week. This one should be closer to $75. Let me know if you are looking to do what I'm doing and have any questions.