Where to start when you meet a new investor? 🤔 😬
Any help and advice would be appreciated. I currently have a full time job. And met a client that does multifamly investments in 2 other states. I told him I constantly find vacant land and property here (part time I drive and do property preservation). We began to chat and he said he was interested in having me help him. So over the weekend I found about 14 abounded/ vacant properties including 3 empty lots (1 or 2 may only be good, even none). We discussed and will be chatting more in a few days.
He said bring along questions that I have and we can work on contracts and paperwork so I am paid properly. Question are:
*what else to ask him?
*What are red flags to watch for with an investor?
*what documents should I be most concerened about at the beginning of all this?
*Any good free or low cost training out there that would help me go furthur?
Ive watched youtube videos. Purchased classes such a Cody S. And just stayed aware of things for about 2 years+ but never had contacts for getting something started. He said he is will to teach me how to flip and split profits (no number was given).
Thank you in advance
start working the vacant land, you can get a great deal!!
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Austin, TX
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
How exactly are you representing him? Are you a wholesaler or his realtor? Either way YOU dictate how you will be compensated. 3% as a realtor and whatever wholesale fee you want as a wholesaler.
Are you just bird-dogging some leads? Or looking to get properties under contract to assign/double close? Or are you an agent looking for commission? We need more details to give you the right answer. If you are wholesaling, you dictate the price.
If you are just bird dogging some leads on vacant properties and he is doing all of the work, you likely will make quite a bit less (flat fees for properties bought). But you could negotiate about anything - like see if you can get a piece of the equity in leads that turn into deals...
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Lender
- Liquid Lending Solutions
I would just make sure an attorney looked over everything to protect you
