forming a partnership
Hi Bp Members,
I recently have found a cash investor to fund properties and rehabs for me,
Who happens to be my brother. I called a friend who has been doing flips for a number of years( met him thru an investment club in 08) to help me with contractors, permits, etc. as I am fairley "new" to the game. as sort of a mentor thru the process. I feel I would benefit greatly with his experience. My role would be to find the property, oversee the rehab process, and start Maketing for other properties. My brother feels We won't need him to mentor (maybe a money investor) as my brother states he is familar with all the nuts and bolts of doing a flip. (although he has extensive background in Mortgage, he has never flipped a property).
We meet on weds. 03/27/13 in his lawyers office to form an agreement.
What are your thoughts as to using My friend as a mentor at least thru one or two deals? if so, what would be a fair share of any profit or pay for him?
Comments on setting up a jv with my brother?
Thanks for any and all of your comments