Has anyone used a contract for a 50/50 split between wholesalers? I'm doing a deal right now with another wholesaler that I am "trusting" as he is kind of guiding me through the motions. However, in the future I would like to have a contract in place where it's said that we split all profits over the price of the property 50/50. Is anyone familiar with this procedure or perhaps has a contract that would accomplish what I'm speaking about?
what you would have to do is he assigns you the contract then you assign the end buyer the contract. Or whoever has the contract with the seller would assign to the co-wholesaler then they assign to the end buyer. If you have not made the contract with the seller yet then put both names as the buyer in the contract then just assign to your end buyer but instruct your title company or attorney to split your proceeds 50/50. My JV Partner @Mike Flowers and I do it every deal