All Forum Posts by: Jeff Pace
Jeff Pace has started 1 posts and replied 2 times.
He strikes me as the kind of guy who would want to be in the deal.. IE he wouldn't do it for free. I'd like to do a flip and harness his knowledge on hiring contractors and pricing. Walk through the house with me throughout the process. Basically I just want someone wise enough to warn be of pitfalls as I go.
So assuming he wants to profit somehow, how should I structure our relationship?
Hey guys! First post. (Let me know if I'm posting in the wrong forum)
So I'll start with some quick details before I ask some questions.
This last summer in Louisiana I was renting an Airbnb for me and my co-workers whom were there with me doing seasonal work. I noticed the the older gentleman(60ish) next door was rehabbing the house and I went and asked him if he was flipping it etc... I walked next door and talked with him basically every day and he was showing me what he was doing on the flip. He informed me he was in the project roughly 25k and was planning on selling it for 100k more than he bought it for and he had done 18 or more of these.. Needless to say I approached him about mentoring me and he was very receptive...
Time passes the relationship somewhat fizzles out as I wasn't actively following up and work was busy.. So this weekend I checked Zillow to see if he had sold the home for fun... Lo and behold it sold for 100k more than he bought it for 2 weeks after being listed and he followed his dates and number to a T... I called him and again reiterated my interest in him mentoring me and he was receptive and wants to get lunch etc.
So my questions are - We have NOT talked about compensation for him mentoring me. How should I seek to compensate him for his help?
I don't know that I would be comfortable with going 50/50 on a deal with him, but is that something I should consider? Basically, what should I do here. What should I approach him with? Should I even seek a mentors help?
For the areas I'm looking and the cash I have available I believe I had more than enough, I just don't know how to pull the strings.