All Forum Posts by: Brian Douglas

@ Austin Haag that is true. Thanks for your advice. I guess I'm just worried how I will pay my bill's while the house is being worked on. Lol...just a little nervous I guess. I just need to take the jump.

@ Wayne Brooks I dont mean to come across being greedy I just dont want either my uncle or myself to get the raw end of the deal. That's why I'm asking for advice. I do understand he is supplying the money and I'm supplying the work but I was just saying the work seems harder then writing a check if you know what I mean. 

@Teri S. This is the first flip for both me and my uncle. Normally he buys properties and pays me to gut them and fix them up for rentals. He ask me to join him on possibly getting onto flipping now and I dont have any money to put down that's why he said he would financially back the flip and then after getting his original investment back then we split the rest. My thoughts was I should get paid to do the work as well as a cut at the end. 

@Mike Dorneman this is very true! I just didnt know if there was a "usual" or "common" practice when it came to flipping. My thoughts was I should get paid for doing the work also. He brings the money and I bring the knowledge and construction background. But like I said this "flipping houses" is all new to me. Thanks for your input Mike 

Hello all me and my uncle are wanting to flip a house. He said he would buy the house and materials well be the "investor" and I would be the contractor. After fixing up the house and the house sells what is the general percentage split in a partnership like this? His proposal was that here is an example... he puts up $25k that's house and material to fix house and I do the work. Then we sell the house for $50k he said he would get his original $25k back and then we would split the other $25k 50/50. I dont quite think that's fair but I'm not sure what flippers normally do? I know he is putting up all the money but I'm doing all the hands on labor. Any helpful advice is appropriated. Thanks