Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 16 years ago on . Most recent reply

User Stats

1,341
Posts
588
Votes
Minna Reid
  • Real Estate Broker
  • Jacksonville FL & Middletown CT
588
Votes |
1,341
Posts

Need ideas

Minna Reid
  • Real Estate Broker
  • Jacksonville FL & Middletown CT
Posted

I know an out of state owner with a vacant property near me. He'd like to form some type of partnership and rehab the property. He owes nothing on the house but due to his own ciscumstances he does not want to take out a loan or assume too much risk by himself. He is also far and not in a position to really manage the project anyway. He does not want to sell on the low end as is.

I'd like to handle the rehab and resale if it could be worked out to satisfy everyone. Question is how would i work this out? The property would sell for about 200. Needs about 50k rehab.

Is there a way I could get into this with no or very little money out of pocket and protect everyone's interests? If I had an interest in the property I would assume getting rehab money wouldnt be much of a problem with such a low LTV. Any ideas? How would you split the proceeds? Is there a reason I shouldn't do this?

Loading replies...