Using my real estate agent as a partner.
What do you guys think about using my real estate agent as a partner for a flip, I have never done a flip before the property is on the market for 120,000 he said we can offer 100,000 he has some experience he estimated repairs to be about 20,000 comp on the property is 160,000 we got the money to finance the deal so we won't need to borrow any money. Please let me know if I need provide any other details. Oh it is 2 bed 1 bad about 800 square feet. Thank you in advance you guys are AWSOME.
Most Popular Reply
What is he bringing to the table other than being a real estate agent?
Does he provide money/credit that you don't have?
Does he provide experience in flipping that you don't have?
Does he have a crew of contractors?
Will he be managing the rehab process?
Will he be sharing in the financial risk?
Etc...
Depending on what he brings, it might make more sense to pay him for his time/contributions as opposed to giving him an equity stake in the project. But, if the project can't be completed without him, then it might be worth partnering.
But, we'd need to know more about his and your individual roles to make any worthwhile recommendations...