Fix and Flip out of state

1 Reply

I am a newbie investor looking to do my first flip deal in central FL. 

Currently I live in the Bay Area so this would be an out of state deal. 

I am curious if you are able to split the hard money loan with a partner? My goal is to have a partner in Florida as the "boots on the ground" but not to carry any more financial burden than I.

Thanks in advance for any and all advice/tips/best practices.

Its all about the team. The stronger the team the better the flip with go. You can definitely split a hard money loan, but I recommend doing it via LLC. If you're going to partner on any deal the more clearly defined your roles are the better. Additionally, if you're splitting costs/expenses and profits a company with shares is often best. That way there is no confusion on who pays what for taxes etc. Come up with your plan, make sure you're both on the same page, put it in writing, then make it official. From there you are working from a foundation that will make the process easier.

Best of Success!