All Forum Posts by: Account Closed

@Valerie Couch

He would not be acting as the GC.....I already have a GC lined up for the project....He would basically be showing up during the day to make sure things are running smooth. He would also bring in the buyer when the project is finished.....

I am the only one putting up any money....he will make a percentage of the profits ......that is where I am lost as to what his cut should be....

Okay I have decided to put my question in front of the knowledgable....I have been thinking about how to proceed and I keep sitting on the fence as I am not sure what option is the best option....I am fairly new to BP.....tripped over the podcasts on youtube and eventually made it to the website....prior to BP I had an offer from a friend of mine to partner on a rehab project. Due to the decline in inventory and the smaller profit margins we have decided not to partner. However; since I work a full time job it would be near impossible for me to be on site as much as I should be given the fact that it would be my first flip....My friend offered to manage the project for me. He would do all of the footwork...find the house, rehab it and sell the house....

He has a proven track record....he has been flipping houses for a few years now and has profited at least 20% on every project. 

Originally he said he would want 20% of the profit to manage the project. In a later conversation he through out a number(flat rate) he would want to be paid for each project. I told him that I would not be comfortable with paying him a flat rate as there would be no real motivation for him to maintain a tight schedule because he will get paid the same amount no matter what....

My question is this....has anyone been in this situation and if so how did you set it up?? What is a fair compensation??

Any feedback would be appreciated!! Either way I need to make a move....I have been sitting on the fence long enough...

where is the property located and what is the list price?

@Dell Schlabach

BIG Thanks for the great info!! I am going to try to make that next Saturday....sounds like a great event...

Thanks for sharing!! I have always wanted to get into that end of the market so i love hearing success stories:) Best to you!!

@Stephanie Weston

Welcome to BP!! There is a plethora of knowledge and good info here on BP......I live on the other side of town in Chagrin Falls Ohio.......My boyfriend and I just recently decided to pursue real estate investing. We have yet to buy our first property so we are still getting our feet underneath us. We plan to attend one of the REIA meetings in the near future. Would love to connect sometime over a cup of coffee and talk about real estate:)

Listen to the podcasts and take the free course for beginners....lots of good info

@paulfarley

Number 4 is by far the best logo!!! To me it is the only one out of the four that I clearly understand what it represents.... It would catch my attention before the others....

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&so...

Cleveland ranks 8th in U.S. in growth rate of college millennials! We have seen an influx of young college educated people in Cleveland and the cities surrounding Cleveland. 

Welcome John! I am also born and raised in Cleveland.....and new to BP.....

Welcome Grace! I am new to BP as well and I live in Chagrin Falls Ohio......I second Ned's suggestion. That was a big help to me.....PM me anytime......Maybe we can help each other:)