Because this is the "contracts" forum, I figured I would ask for advice here.
I'm partnering with a local flipper on at least our next project, maybe more. He has experience, and I'm new. The plan is to go in 50/50 for the purchase, and he gets 60/40 split, as he will be running most of the rehab.
I couldn't find any partnership contracts in the site's tool section. Does anyone have any contracts they could recommend?
Hey Robert, a bit unrelated but just a thought: if your partner goes to a bank he would keep 100% of the profit... the bank may just take ~1/2 percent of the purchase price (plus reno) . Your partner probably doesn't have the capital to make the down patements and that's where you come in? But if your partner is being turned down a commercial loan based on experience rather than capital that's a different story. Flips with partners can be extra scary, i'd research their experience as much as you can before risking time/money.
Always best to talk to a lawyer on YOUR side of the partnership and get everything in writing.
Thanks for the reply! The RE lawyer is next on the list. For now we are developing the outline of what our partnership will look like.
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