REI Partnership & Training

[Faye Omar]

Hi Guys,

I am new to REI and I just recently was presented an opportunity to work with an investor but with few conditions. I would like to run this by you guys to get any insight or words of caution into this deal.

Basically the deal is that for 6 months this investor will take me under their wing and we will close deals together for a 50/50 on profits.  This 6 months can be extended dependent on my learning abilities.  Once I am able to do things on my own, I will close all deals alone.  For the next two years, I will close deals on my own but we will still split 50/50 on profits.  Each month I should be bringing in 30K in profit where he will get 15K. If by end of two years, I am short of this monthly profit then the 2 years will be extended to ____ years until it matches up.  

Background on the Investor:

- used to be a REA but lost interest in RE as he didn't like working with retail buyers but will reinstate his license to get back in the game if I'm willing to do the networking and negotiations

-used to won a general contracting company, hence will help with estimating repairs and finding right people for repairs

-has capital to invest and access to other lenders

Me:

- completely new and other than training material have not closed any deals

I know there are vague areas in this because we are early in the discussions but thought I'd get a head start on some suggestions on this?

Your input is much appreciated!