Flipping with new partner questions

[Adi Zhuravel]

What questions should a newbie investor ask the experienced flipper when considering to partner up on a flip?

[Bill Hinshaw]

Here are some questions I would ask if I were in your shoes. I am assuming you mean questions that will build your confidence in moving forward, and not questions around the structuring of the deal.

• How many flips have you completed? Ever lost money on a flip? If so, what did you learn?
• What are your profit targets? How do you decide what houses to do? How often do you hit your profit target?
• Do you target specific markets? Cosmetic rehabs or full gut jobs?
• Do you create a SOW, budget, and project timeline at the beginning of each project?
• How close do you typically come to hitting your budget and timeline?
• Do you work with a GC or act as the GC on your projects? Do you have a solid list of subs for your projects?
• Do you pull permits? Carry liability? Carry workers comp?

I don't agree that partnerships are inherently bad, but they are difficult. I also agree with @Jerry Miller that like minded values are important. Disagreements will be inevitable, so knowing how both you and your partner deal with conflict will be important. Clearly defining roles and expectations up front will help.

I'm sure there's a lot more. Hope this helps.