Updated almost 3 years ago on . Most recent reply
Advice on contractor as JV also
I am realtor and have done couple fix n flips, normally i just hire contractor to do the work. I had a great deal i found and brought in a guy who is a contractor and wants to partner. If people who have done this can comment on how they set up the deal. Originally we agreed he would get paid 35/per man hrs as contractor and he also wants to do 50/50 partnership. Is this a fair deal for me? I did also add a 10% on the money we each have into the deal, I have 40K and he has 15K. I was Not planning on listing the property bc the realtor that brought me the deal, I told him he could resell it. Numbers look like this 50K for the purchase, construction suppose to run 80K and resale for 250K. Thank you for the feed back in advance!