All Forum Posts by: Jon Van

I tried to figure out my budget/ rough idea on sales projection to figure out my numbers and offered him what I thought was fair salary/percentage wise and he agreed upon that.  Basically I was giving him guaranteed steady work at a little less than what he makes with a bonus at the end of the job.

Thanks for the replies all.  I will see how he wants to go about it. At least we have some options.

I think he's looking for cash lump not payments.

I had recently flipped a house with my good contractor friend of mine.  I also do construction as a side business so I did half of the work and put up all of the money.  I gave him a weekly salary and a percentage of profits on the job.  It kept him involved and committed because he had money coming when we sold the property.

Hey all,

First post ever on the bigger pockets forum and I can't believe I have not found this place earlier. Here goes. I currently have successfully flipped two homes in the recent year also own / live in a duplex that I rent the other side out and own another SFR (no mortgage) that's rented out. I am self employed and do contracting on the side. Ok first off I absolutely hate using my own cash lol. A family member owns a duplex down the street from one of my properties. He had just entertained the idea of me purchasing his duplex for 50k fully rented brining in ~1100$ per month for both units combined. The property is worth the money no question. I have also started an llc for my side business. What's the best way in you opinions to acquire the property with the least amount of money down with the most residual. I'm looking to hold on to the property. I have the cash to buy it outright but.... being self employed the banks always try to lean on me because of my income due to write -offs . I like to hold on to my money tight!!!!! Also my credit score is 812