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Updated over 9 years ago on . Most recent reply

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Cy G.
  • Investor
  • New York , New York
0
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9
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To partner up or not to partner up?

Cy G.
  • Investor
  • New York , New York
Posted
So I have a rental I am in the process of buying. It is a no money down deal where I will borrow the money to finance purchasing the home plus the renovation costs from a family member. Once I am done fixing the home etc, I will get refinanced by a bank and will pull out all of the money put in (buying for 100k needs about 30k work, once complete will be assessed at approx 200k). I have someone who wants to partner up on the deal who has a crew of workers who have the capability to do all the work rather than I do it myself. (Approx 3 months of work if I was to do it my self). I will provide all financing and materials costs but he will pay for his crews labour. He will be able to finish fixing the place faster (About half the time) and has experience managing properties and doing maintenance. Should I partner up with them or not ? I know they will teach me a lot but I feel I will also learn a lot by doing this on my own making mistakes etc.

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1,635
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Michael Le
  • Developer
  • Houston, TX
1,363
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1,635
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Michael Le
  • Developer
  • Houston, TX
Replied

Is he and his crew any good? Have you seen his past work or are you just taking him at his word that he has experience? Your money has a very distinct value. Can you qualify his value to this deal? Is it worth 50%?

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