Rental Property Investor · Brooklyn, NY · Member since 2019 · 45 posts · 5 votes
A contractor asked me to do some flips I can bring money and potentially look for homes and he can do the work but can you share positive and negative stories on this scenario? It will be legal paperwork and a real estate agent.
A contractor asked me to do some flips I can bring money and potentially look for homes and he can do the work but can you share positive and negative stories on this scenario? It will be legal paperwork and a real estate agent.
If you are finding the properties and putting up money there’s really no reason to partner with the contractor. You can just hire them to do the work.
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
6y
Have you discussed how he is paid? Will he “bid” the job, get paid for all the work done and then split the profit after you sell? Is the expectation he will work for “free” (only pay materials) and then split the profits after sale?
These partnerships sound good on paper. In the end a lot of times they don’t work as one person feels they got the raw end of the deal.
A contractor asked me to do some flips I can bring money and potentially look for homes and he can do the work but can you share positive and negative stories on this scenario? It will be legal paperwork and a real estate agent.
If you are finding the properties and putting up money there’s really no reason to partner with the contractor. You can just hire them to do the work.
When an investor is low on funds or needy then an option like that sounds interesting. I read of something like that in a RE book/ or training once, but don’t remember the exact source.
In reality I personally never heard of it working out with a sweet ending in the real world.