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!
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.
@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.
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