How to form a partnership?

Question

Hello BP,

If I am looking at deals and am ready to put in offers but cant afford them alone and wish to form a partnership, how and when do I go about doing this? I have met a person who I have exchanged contact information with, but I never asked what exactly what kind of business relationship that he was looking for. He simply said call me when you get your first deal and in a seemingly joking manner "You can add me to your buyers list".

It is apparent that he is a true investor with money based on the conversation we had. But, as I am looking for deals, is it appropriate to talk to him about a potential deal that I wish to put an offer in on, or do I first put an offer in first and wait for it to be accepted? Then, I seek out a request for a partnership in a rehab for the property?

A fairly basic breakdown of how a partnership is formed would be greatly appreciated, thanks!

Account Closed · Answer

So you want to handle the sweat equity technically and have a private lender come in and fund the purchase and the rehab amount? Just trying to make sure we get the partnership thought that would ideally work best for you.

Vincent Gamboa · Answer

@Nick Feliciano Yes, I was ideally thinking that I would have a private funder fund my deal and I would do all of the work, then we split the profit 50/50 once the flip is rehabbed.

How to form a partnership?

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