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Updated over 5 years ago on . Most recent reply
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How can I stay in this deal?
So I am in DFW TX. I recently sat down with 2 guys who are very interested in getting involved in real estate. They know I have flipped a few houses and told me they the would like to partner some how, which I thought was a great idea knowing they have a good amount of money. After talking to them about what I do (which is maybe 2 flips a year. Far from an expert) it was pretty clear they had no knowledge of real estate...like 0% (they moved here from China maybe 3 years ago). Basically they wanted to fund my deals at 7% and do a 50/50 split. I explained I don't need the money I can get money at 12% and it's not worth half the profit for supplying just the money . Then they told me they have plenty of money and want to build a multi family apartments...(I'm listening lol)...I, still being a newby have never done new construction of a multi family property told them I would find an expert in that area and we could all sit and talk about it . So my question I guess would be after I find this person how do I bring them together and stay in a deal if one is made ?
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You don't unless you feel like taking advantage of them, if you don't bring value to the table you walk away. Now if you are willing to project manage or be the guy who gets permits etc. then maybe you could work something out but you'd want to hash that out with the builder.