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All Forum Posts by: A Carter

A Carter has started 1 posts and replied 2 times.

Post: Is this a good partnership?

A CarterPosted
  • Posts 2
  • Votes 0
Quote from @J Scott:

What happens if he doesn't perform on the renovation? What happens if he goes over budget? What happens if his quality is bad? What happens if he walks off the job?

Do you have the ability to fire him if he does a bad job or slips the schedule? Who pays to bring in new contractors?

I've seen the situation happen plenty of times, so make sure you discuss this contingency. I'm sure he will tell you that there's no chance that he won't get the project done on schedule, on budget and high quality. But until it's done, that's only talk.


 I understand what you are saying, we have contingencies in place for moth the things you mentioned. I guess my exact question is, if everything goes right does the above partnership seem even. Is it in line with most partnerships of this type. 

thanks!

Post: Is this a good partnership?

A CarterPosted
  • Posts 2
  • Votes 0

Myself And a contractor friend have a house under contract. The deal is I found the deal we got the hard money together. He fronts all renovation cost(he has a construction company) we split the profits 50-50.  We plan on continuing in this manner.  Any thoughts?