DIY & Real Estate Parnership

[Zane McLaughlin]

Hello,

I need some advice from an experienced flipper for a newbie.

I am looking at starting a real estate partnership with my brother in law. He has a small rental/lease operation going currently, and is looking to grow his business and maybe do some fix and flips. I am a craftsman by nature, I am skilled with my hands and learn things really quickly. I have worked a bit in construction (mostly demo and painting), but have spent most of my time on hobby type builds and lending a hand to simple DIY projects that friends have had. I want to upgrade, and utilize my skills to fix up a property and turn it for a profit. I want to put myself into the projects to save on construction costs, plus I love doing the work. My goal is to eventually oversee a rehab crew.

I feel as though the partnership that me and my brother in law have is well balanced. He knows a lot more about real estate than I do (though I am learning all that I can), and has done a few deals himself, but has no interest in swinging a hammer or getting messy. I on the other hand, I love working with my hands, don't mind getting messy, and love fixing things. He has never done a flip before, and I have never done a single real estate deal in my life.

I suppose the advice that I am looking for is: am I going to be taking on more than I can chew trying to tackle the rehab myself? Is this going to be worth it in the end?

I know its going to be a lot of work to start out, but am I going to be spinning my wheels in and working myself to death in the end?

[Kelly R.]

I agree about home inspection.  Some inspectors provide inspections tailored to investors or you can choose to do a full home inspection.  

As for working with family I would suggest a very clear working document outlining the partnership.