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Updated about 10 years ago,
Profit split on a flip
Hello,
Im Leo here in Florida! New to bigger pocket and glad to have found this amazing community!!! I am a new investor, and to go straight to the question:
I have HELOC line for 60k, I plan to purchase a property and flip it, lets say..
List price is 60k needs 20k rehab, retail/arv price about 110-120k
Im short 20k that I could get from a private party, not hard money..
I am a realtor, so I will take care of all the work including hiring GCs.
My partner(s) will only lend me the amount im short, so since they're not investing 100% how should I pay them back? how much will be their profit of their part, and in general every time they're not lending me 100% of the deal, how much percentage profit will they get?
Thank you!!!!