Updated over 8 years ago on . Most recent reply
Fire time question about profit split
Hi there everyone. I've been around the forum and listening to the podcasts for a while now but this is my first post. A little about me...Bought my first bank owned foreclosure about a year ago and renovated it myself from top to bottom. Kinda consider it a practice run to start flipping houses in my area. I have a considerable amount of equity in my home and my best friend of 30+ years is interested in putting up a substantial amount of money to be a silent partner. We've talked about roles in the project and writing a contract between us but neither one of us is sure the fairest way to split the profits. I have the real estate and construction knowledge and he has more money so it's a mutually beneficial partnership. Anybody have advice as to what percentage of money he should put up to make a 50/50 split fair? Any and all advice is welcomed and appreciated. Thanks in advance!