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Updated almost 18 years ago,
Help!! How do I split profits???
Hello
I have been reading this forum for a few months now, studying and researching flipping. I am ready to purchase my first house soon. I have some questions regarding partnerships.
My father is buying the house and putting the money into the rehab.
I am taking care of all the expenses, advertising, and office work.
My husband is the project manager and will also be doing the work in the house as well.
Our friend who is not putting any money into the deal will be working along side my husband fixing the house.
Now my father wants this to be my husband and my business. He wants what he invested into the house back when we sell, but he said we can split the profit among himself, my husband, and our friend. He's a firm believer in help enough people get what they want.....So he wants to be fair. He's a financial consultant not and REI so he doesn't want to cheat anyone out of making money.
OK, my question is what do you feel is a fair percentage for each of the 3 guys??
And what percentage do birddogs receive for finding properties??
Thanks in advance
dana