New Investor Partnering with Wholesaler/Seasoned Investor?
There is an experienced wholesaler/investor who is always sending properties out to his buyers list, which I am on. He is willing to partner up on most of the deals, and is open to different ways to do that: i.e. 50/50 split of the investment where he manages the work and then some sort of profit sharing arrangement on the back end.
I have about $125K to invest and 740-760 credit score. I just don't have the first hand experience and so am looking to partner up with someone, give them more of the profits, but make a little bit of money and, by far most importantly, learn in the process.
Is partnering with a seasoned wholesaler/investor like this a good strategy? My only concern is that since they are more knowledgable they may find some sort of loop hole to screw me.
If partnering like this is a decent idea, I assume we would work with a neutral lawyer to set up a JV agreement where we outline exactly who pays what, who does what, and who gets what on the back end?
Thanks, Jon