Posted by John J on January 25, 2003 at 22:16:17:
You can split up the profits - and possible losses - whichever way you agree upon. I recommend that you put your agreement in writing. I have done several partnerships. If anyone is interested I’ll be happy to email you one of my partnership agreements to use as an example. Just email me at jjonkmanj@aol.com.
How do I Structure 3-Way Partnership? - Posted by Bill in Vegas
Posted by Bill in Vegas on January 12, 2003 at 04:09:47:
Hello Investors,
I have to laugh at myself. Each time I come up with an ideal or obstacle I wrestle awhile with how to implement it. Then it finally dawns on me “Oh, ask you guys” duh. LOL. Here is my latest quandary.
I have been birdogging for $1200 per house for this particular general contractor. I am putting together a working partnership with a Doctor (the money/superb fico score); and this Investor/General contractor (the rehab guru); and Me the (finder of houses). None of use can really do as well without the other. Except the contractor, does have great connections. He has a partner who has a mortgage company and is a real-estate broker on paper thus has access to a key and MLS.
My question is this how should the profits be split? Let?s say average profits per house is 15k in pocket net after all expenses. I am not sure how to ask for more of the pie here, this is main fear. We three meet for dinner the 20th.
They both are decent levelheaded guys. The MD wants me and him to do deals and split 50/50. I told him not for a year until I really understand and get educated on the business. I don?t want to lose his or my money.
Thank you in advance,
Bill