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I have money but need a partner in Austin, TX
I’ve taken a million classes, read a million books and countless meetups but I know the best way to learn is by doing. I have the money to invest and flip but I would love to find someone who has experience that I could learn from on a deal. Any advice on how to structure this deal? Know someone that wants to partner? Any other advice would be greatly appreciated!
Partner with people in your market. I would build a relationship with the person before you decide to partner. Money changes who and what people want and are. I would also be as transparent as possible. If it isn't in writing it never happened. Make sure you and your partner talk worse case scenario. In terms of structuring the deal you can do it however you want as long as it is legal, ethical and agreed upon by both parties. Normally a lot of people will just flip a property and split the profits 50/50 but even tasks can be split. For example one person could manage paperwork and another person could be boots on the ground. Sorry if this is long winded I just wanted to provide a decent chunk of information
This is helpful. Thank you!
Quote from @Angela Hudson:
This is helpful. Thank you!
No problem. It would be better for you to partnter with someone who is more experienced. DO NOT PARTNER with someone on your level. A newbie with a newbie is a boiling pot of disasters waiting to happen. Use this partnership as I way to learn how to crawl in the house flipping business. Use this partnership to ask questions and talk strategy about where you want to end up in the future as an investor. Making money is a team sport.
#5 Market Trends & Data Contributor
- Investor
I'd partner with a lawyer that can help put some contractual language on the downside of working with contractors and real estate agents.
I'd also partner with a RE brokerage firm that clearly understands your goals.
I'd also partner with a lending company that understands how this is going work, and what your plans are.
And last, but not least, I'd partner with a CPA to help navigate you to the ways of working this properly.
I wouldn't partner with any damn investor. That's for sure. Let those be the backbones of your downside, weigh it out then hit the ground running.
@Angela Hudson are you interested in Austin only?
@Angela Hudson if you want to fix/flip find someone local and fund their deal (ie lend). This will give you a great front row seat to learn. Do that a couple times. When you have the confidence & experience branch out and do one yourself. I think funding someone else who is experienced when starting would be a great way to reduce your risk. My $.02 ✌️
Quote from @V.G Jason:
I'd partner with a lawyer that can help put some contractual language on the downside of working with contractors and real estate agents.
I'd also partner with a RE brokerage firm that clearly understands your goals.
I'd also partner with a lending company that understands how this is going work, and what your plans are.
And last, but not least, I'd partner with a CPA to help navigate you to the ways of working this properly.
I wouldn't partner with any damn investor. That's for sure. Let those be the backbones of your downside, weigh it out then hit the ground running.
You're right. I think because I've been learning about it so much and talking to so many people, I'm in a state of analysis paralysis and I just need to pick a good deal and go with it with the team that I form. Thank you!
#5 Market Trends & Data Contributor
- Investor
Quote from @Angela Hudson:
Quote from @V.G Jason:
I'd partner with a lawyer that can help put some contractual language on the downside of working with contractors and real estate agents.
I'd also partner with a RE brokerage firm that clearly understands your goals.
I'd also partner with a lending company that understands how this is going work, and what your plans are.
And last, but not least, I'd partner with a CPA to help navigate you to the ways of working this properly.
I wouldn't partner with any damn investor. That's for sure. Let those be the backbones of your downside, weigh it out then hit the ground running.
You're right. I think because I've been learning about it so much and talking to so many people, I'm in a state of analysis paralysis and I just need to pick a good deal and go with it with the team that I form. Thank you!
I stopped at the "right" part.
You need to start interviewing PMs in Austin, getting a feel for prices to renovate(hvac, water heater, floors for material + labor, etc.). Then start shopping for houses, don't engage in FOMO or real estate agent pressure. That stuff is real and psychological. Very few, and I mean under 1% of agents are truly investor friendly. You need them to work for you, not you working for them.
Then starting getting after it, and forming a strategy. We're going after higher-end ish fixes and rents when we start hitting Austin. Maybe some East Austin, but I want to prioritize the capital in the better areas-- deep eddy, tarryton, clarksville. If things goes the way I anticipate, Austin will be probably my 3rd largest position in size but primary financial position.
