HELP! Best ways to partner with a REI on first flip.

HELP! Best ways to partner with a REI on first flip.

Wholesaler · Redding, CA · Member since 2015 · 218 posts · 27 votes
Hello BP community! I've been doing a lot of research and reading about fix n flipping and I've made connections with one of the main flippers in my area and he's a pretty cool and smart guy and has shown me a lot of things so far about what it's all about. I'm wanting to see if he would be willing to teach me everything with flipping a house. I have a good friend who would invest in me and provide me the money to fix n flip my first house (it'd cover purchase and repairs) pretty much what ever as long as he gets his money back plus what ever he wants to make (still have to find out how much he'd want) I just want to learn as much as I can and do everything by the books but my question is.. What different ways or the best ways should I go about this? I was thinking about going 50/50 on a deal. My part being, would be finding a deal at wholesale price, providing half the funds and being there every day till the project is complete by managing everything and making sure everything's going as planned. (since he has to be at his other projects as well). Open to any advice! Would like to get a lot of feedback on this for my first flip! :)
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  • Investor · Chicago, IL · Member since 2010 · 504 posts · 191 votes
    9y

    That may work but I suspect they'll ask you to bring all the money. Just a guess but don't be caught off guard if they do. What you are thinking is correct in that figure out how how he is calculating repair costs. Review as many internal docs as they'll allow. Pay particular attention to their internal processes and pick up how they work and why they put them in place. See how they interact with people who are not in house. See how they make those tough 50-50 decisions. Bascially anything to do with internal docs, communication, processes, and their general decision making pathways is what I would look for. I hope that helps!

  • Wholesaler · Redding, CA · Member since 2015 · 218 posts · 27 votes
    9y
    Thank you Arpan Patel for the feedback! I will look at those things as well!
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