My girlfriend/ex girlfriend and I have completed a flip and getting ready to sell. We did not set up a good contract together and now we are probably going to have legal issues with it. We are unable to come to a agreement. She has listened to and watched everything bigger pockets has done!! It’s her jam.
So these are the facts.
She invested 75k in down payment.
I invested 55k in down payment.
She has the loan in her name.
We pulled out 50k in a equity line.
We bought the house for 355k
She was to do the spreadsheets breakdowns designs orders pick ups and everything that the business end needed. Basically, tell me what you want where you want it and I will make it happen.
I was to do all the construction work. Basically create the dream.
I took out walls and opened the kitchen and did a beautiful kitchen. I replaced and installed hardwood throughout. Replaced all interior doors and the entire trim throughout the house. Remodeled two bathrooms with a full tile from floor to ceiling in shower. All electrical receptacles and fixtures. Granite tops throughout even installed them. Complete remodel by myself except the carpet in the bedrooms. Paint drywall texture you name it. And it’s tight and beautiful. No issues.
She has not done much. Have not seen a spreadsheet or literally a piece of paper!
I designed it. I picked the colors. I picked the granite hardwood cabinets doors trim tile shower doors... she did pick a few things but not much. I got everything at a great deal as I shopped and shopped for the best deals. I picked everything up. Seriously I did 80% of her job. I could not get her to do anything. A lot of fighting trying to make it happen. This is why she is my ex.... 3 months later I am still waiting for her to get a mirror and towel bars for a bathroom.
1800sq ft home. Done
I did not take a single payment. I even paid half of the mortgage payments. I lived in the remodel and she had a rental home with her daughter.
At first we set up a 50/50 split on profits.
We later agreed that was not fair for me and agreed to pay me 30k off the top.
All in at 410k
Listing at 549k
Now I’m being told that I’m double dipping and I only deserve 50/50 split.
Where are we at? What is fair? No contract and now legal issues are starting.
I feel like even 30k and 50/50 is not fair to me.
I’m still not asking for anything other than that.
Pay each what they put in and split the profit 50/50 and get the hell outta there. Don't worry about the who did what. Next time you'll have a better arrangement in place. Thank the Lord you have a profit to split. This could have and still may end bad. Good luck.
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