How to Find a Partner For Fix & Flips and Negotiating Terms

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Hi BP,

I need some direction. For a few years now I have been researching topics related to REI strategies and have decided it is time to put things into motion. I worked as a RE rental agent in NYC for almost three years, straight out of high school- while attending college part-time. Although it was an amazing and lucrative experience I decided I wanted to put my focus back into my studies and building my own portfolio. I also help run my family business that specializes in home improvement contracting, interior design, and antique restoration. It is a small family business started by my mom, but with over 20 years of experience and enough connections and resources to significantly reduce renovation costs of any project I decide to take on. My mom is getting older and as I get more involved I find that we're spread thin among kitchens, bathrooms, etc. in ten different projects, so why are we dealing with ten different clients, ten different rooms, and ten different problems throughout northern NJ? We have everything we need to do a quick and efficient flip, so why not concentrate our efforts on ONE location with various projects all within a single property? So this is my issue; I have knowledge on reno costs, employees, tools, and discounted prices on almost anything that we would need relating to a home renovation- as well as some basic knowledge acquired throughout my years of working as a RE agent and endless hours of research. BUT. When it comes to specifics about THE BEST strategies with respect to funding, property acquisition, and the transactional process I am a novice.

I've been able to get together some money- possibly enough for a down payment or enough to show some proof of funds if I decide to go the hard money lender route, but I was just put on payroll for my company and I have fairly new credit, so a traditional loan doesn't seem to be an option for the near future.

Common sense leads me to believe I am in serious need of a partner. Someone with some experience with fix & flips and with some cash to contribute to a deal.

My first question now is whether my situation would be attractive to any mildly experienced investors considering I have labor, accessibility to wholesale prices and some upfront cash to contribute. I know JVs are common, but is looking for someone who will hold my hand through the transactional processes while I learn it first hand asking for too much?  

My second question is how I would go about negotiating terms with a potential partner. Is labor knowledge valued more or less than transactional knowledge- I'm sure you've all heard the saying " you make your money when you buy." ?

This is one of my first steps in doing my first fix & flip, so any information, tips, or even just support would be very useful! 

I'm in Bergen County, NJ in case anyone would like to offer geographically specific info. That would also be massively appreciated! I would be happy to chat or meet with anyone individually if there's interest in discussing the subject! 

Bigger Pockets has been a wealth of knowledge for me and a lot of other beginners, so I want to thank you all ahead of time for anything you've contributed or will contribute!

- Danilo