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Updated about 10 years ago, 12/04/2014
Help me with my team please
I am planning on taking the leap on getting into my first flip. Please tell me if I am crazy. First off I am an agent and am very familiar with the market and have access to some very good deals. I am confident running numbers and such, and have access to cash to use. My problem is my extreme lack of construction knowledge. I have wanted to have my brother in law as my partner in this endeavor, as he is well rounded and would be a strong GC in terms of lining up contractors. The downfall is he has a full time job that he can't really stray from on a daily basis. Would it be crazy to have somebody managing a flip that can't spend much time there during the day? I on the other hand do have the time to be at the property, but my expertise of construction is very minimal. Would this be a bad set up, or could he feasibly stop to check on the work each evening?
In short, I really want to get involved in flips and learn everything to look for, but I realize I need a strategic partner that has a vast knowledge of rehab costs. What type of partner do I need to be looking for?
Thanks for any assistance or opinions any of you could provide.