All Forum Posts by: Adam Anderson

great advise here,  I'm wondering how the split would change if you each put up the same  money but one partner found the deal, managed the renovation, sourced the remnants and managed the property.  Any thoughts on what's fair?

This is all good advice! I realize this thread is old but I'm interested to hear the outcome.  I'm faced with a similar delemia myself.

I don't really need a partner but would take one on so together we can do more deals. We could bring equal money to the partnership to buy distressed properties, fix, refi, rent and hold. I have experience with this but my potential partner does not.  I would do most if not all of the legwork, analysis, purchase, management of the renovation, tenant placement and property management. 

What is a reasonable split without being greedy?  If we put in equal money, cosign any loans but I do all the work, is that worth 10%+? 

the rental market is still very strong in Morris and Sussex counties NJ where I am,  the taxes are high so unless you buy distressed and fix to add value it's very difficult to make a decent cash flow..... Or in some cases any at all! 

Hi Sean,

Is this available in NJ?

I sent you a PM

I love your insight and how you relate it to The E-Myth.  I think this is one of the best business books ever written and it changed my business!  Im in Sparta and currently flipping a home their now.  I have  a long term and deep understanding of the market there and world be happy to help if I can.

I have a great one for Sussex County and some of Morris County.  What area of North NJ and what kind of work are your looking for?

HI Majour,

Welcome! Are you looking to buy flips, rentals or both?  Have you looked right in Bud Lake and the surrounding towns?  I know there are distressed properties in your area.  I was primarily buying buy and holds that didn't require much work but have found it increasingly difficult to find profitable deals.  I've since adjusted my strategy to target distressed properties that will make good flips or rentals.  After its rehabbed it can me marketed for rent and for sale and take whatever comes first.  I have a project like this underway in Sparta now.

Hi Sherry,

Congratulations on getting it sold quickly! I have a similar project Im working on in Sparta, NJ now.  I had it under contract for 14 months before I closed in Mid January. Its a complete interior gut including insulation and sheetrock.  I'm trying to get it done and ready to market by mid March.

Was this the first time you used this money partner? Maybe with the profits on this one you can use your own funds and hard $ for the next one.  It might be cheaper and easier.

Adam

Welcome Henry! What area of NJ are you working in?  I mostly target Sussex & Morris County