All Forum Posts by: Mike Weaver

good luck from a fellow Central Jersey REI!

Hi, David, there's no financing on the house, it was paid in cash.

After a long process, I am ready to put my reno on the market. Bought with cash. Should I transfer the asset to my newly created LLC and sell from the LLC, or keep in my name? Is there a benefit to either? Thanks for the assistance!

good point, Brian.

I was thinking of doing the profit split based on what each party has put in, after all closing expenses. So in my example above, I'd keep 67% (I put in 200) and GC would keep 33% (he put in 100). Wondering if this is realistic.

Hi, Chris, so with your net of 26k, you and your GC split that, meaning each of you nets 13k?

Hi, everyone. I'm on my 2nd flip house...first house reno's should be done by end of the month, and closed last month on a second house. Both houses bought cash.

I've seen posts from people who have done JV deals with a contractor. So how does that work? Let's say I bought a house for 200, and contractor estimates reno to cost 100, and we expect to sell the house for 450, expected profit of 150. Does the contractor pay for the reno himself, and we split the profit 2/3 to me and 1/3 to him?