Contractor wants in on the deal
Hello BP community,
I was talking to my contractor about a property I am looking to purchase in Northwest Philly.
Purchase Price $35k
Repairs $30k
ARV $90k
He could be interested in putting in $6k. The numbers are somewhat tight already, but I'm taking into consideration that if he has some of his own money and ownership interest invested then he could be motivated to move quicker and I would save some $$$ on the repair cost.
Should I not factor those things into the decision to partner with him? Also if he is being paid for labor what sort of split should we arrange? He's only bringing $6k cash to the table but experience, quality work must account for something...??
Most Popular Reply
What happens if he doesn't perform well as your contractor and you need to fire him before the deal is complete?