Seller wants to partner up??

2 Replies

I've been working this lead for a couple months now, seller called and said he would like to partner up to flip his house(house was gutted out due to a fire), he said he was willing to put the house and for me to put repair costs, which a contractor I took to see the house told me it would be around 60-80k and we should split the profit 50/50. ARV is 325-350k,I haven't done any deals or flips yet, and I know this one has potential. How would I structure this deal, also how can I get funding to do this flip or would it be better to partner or refer it to another investor?

Thanks in advance for your responses.

Any advice is appreciated.

Sounds great depending on what he thinks the house is worth. 200k, free, 100k? Each number makes a difference. In the chance I read it wrong and he will "donate the house" to the new company and split 50/50 sign on dotted line today. Run title before you sign something.

How did this turn out? I'm surprised not many on here do this as it seems an excellent way to accelerate.