Partnering on Fix and Flips
Good morning,
I hope everyone is doing great and progressing in their real estate endeavors. I am brand new to the real estate industry and recently attained my license this past September. My goal is to obtain multifamily rentals for cash flow while fixing and flipping houses for active income. I have been a bit overwhelmed the past couple of weeks with the information I have been reading in learning about all the different strategies to be able to help people while making money in the real estate industry. A good friend of mine, a successful real estate investor, sensed my frustration and set up a meeting with me yesterday. We talked about partnering on a minimum of 5 fix and flips. We talked about him handling the acquisition side of it and we would use my money and his lending connections to fund the deals. I am also going to play the role of Project Manager for each of the deals to learn the rehab side of things, with his assistance of course. After all said and done we would split the profit 50/50 so he would make money and I would make money while learning how to set up a system to be able to branch off and do this on my own. My question to you all is are there specific questions I should be asking? He will not be using any of his own money and I will not be giving him any of my money. My money would be going straight towards the deal throughout the whole process. I see it as a blessing to be able to have someone willing to teach me like this, however, I want to be sure my excitement is not causing me to be blind in any specific areas of this partnership. Thank you all in advance for your input. Hope you have a great Thursday!
Josh