Partner with Good Credit, no Cash, Rehab Exp - Posted by A.J. in Indy

Real Estate Investing
1

Posted by Del-Ohio on February 18, 2004 at 21:12:19:

Do you know and trust this individual. That is more important than the document, having said that it is VERY important to clearly define in writing what each party is expected to contribute and write it up in an official agreement signed by both parties.

We did a “partnership” with one of our contractors who owned a property that needed major rehab. We supplied all the money and he supplied the labor. We split the profits 50/50 after all expenses were paid including closing costs and interest on our money.

We also had a title agency do a title search/title insuracne and added our corperation to the deed before we issued any money.

I can give email you a copy of our agreement if you are interested. Just know that I am not providing legal advise.

An LLC would do or any other entity or even personally if you are planning on a quick turaround.

Del-Ohio

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Partner with Good Credit, no Cash, Rehab Exp - Posted by A.J. in Indy

Posted by A.J. in Indy on February 18, 2004 at 08:40:36:

I have just finished refinancing a home where I will obtain a large sum of cash back. I’m a good bargain house finder.

I have also found one possible partner who has good credit, no cash and rehab experience.

I am ready to make this thing happen. I would be willing to go 50/50 with this person on deals, but . . .

Any ideas as to the wording of this type of agreement. I am also assuming an LLC would do.

Are there any example documents out there?

AJ in Indy