Updated almost 4 years ago on . Most recent reply
Newbie Investor looking for a Partner.
Just a short background...I am a wholesaler who does fairly well finding good wholesale deals using the fundamentals of good solid numbers before I ever bring a "deal" to an investor. I talk to sellers ALL the time and happy to provide solutions & relief to clients when I find these motivated properties. My problem is that while I make a decent income in assignment fees it does not provide me the financial freedom and I see the monster share of profits go to the investor/buyer who is usually NOT me. I know that with good systems and partners I can partake in greater profits and not just be a wholesaler. (Sidenote: Nothing wrong with wholesalers or wholesaling) That being said...I believe finding a good experienced contractor (or project manager) is key to doing these deals remotely especially if I want to purchase these deals to fix & flip or acquire for my portfolio. That is where I am stuck...where would be a good place to start to find this person? And more importantly...what kind of compensation would I be offereing or giving for that matter for this person whom I am bringing the deal to? Is it % based driven? etc.? Any insight would help.
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@Jason Quero is it difficult to negotiate to become an equity share partner?
Do you also only wholesale fix and flips?
With regards to your other question. I can't comment specifically on fix and flips, but with the BRRRs that I do I actually find a good property manager and outsource the finding the contractors/overseeing work/etc to them. Not all, but some property managers do both traditional property manager work an have an in-house rehab/construction arm. I usually have to interview 5-10 property managers in an area before I find one that I like.