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All Forum Posts by: Parker Shoaf

Parker Shoaf has started 4 posts and replied 21 times.

Post: How do I go about structuring a deal with a partner?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7
Quote from @Matthew McKee:
Quote from @Parker Shoaf:
Quote from @Chris Seveney:

@Parker Shoaf

Do you want a partner who shares in the profit - then you setup a LLC and both be members and the operating agreement would state how the money flows

The other option is to have them loan you the money - with a note and mortgage and terms indicated so they get interest payments and you get all the upside (and downside)


 I'm referring more to if I have someone who wants to invest their money into a deal of mine like a 50/50 split per say or however it would work out.

As in using someone as a private lender or co-owner?

both Are easy enough and there are plenty of great contract templates out there. I would always suggest to have a RE legal professional review anything you plan on using. Once you get the first three deals out of the way, it’ll become second nature to you.





Yes for example if my friend decided to go in on half down with me on a property how would I set that up legally so we are both covered.  Essentially just splitting a deal with someone I know. I'm new so that's why I am unsure how you legally get things done and what paperwork is involved. 

Post: How do I go about structuring a deal with a partner?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7
Quote from @Chris Seveney:

@Parker Shoaf

Do you want a partner who shares in the profit - then you setup a LLC and both be members and the operating agreement would state how the money flows

The other option is to have them loan you the money - with a note and mortgage and terms indicated so they get interest payments and you get all the upside (and downside)


 I'm referring more to if I have someone who wants to invest their money into a deal of mine like a 50/50 split per say or however it would work out.

Post: How do I go about structuring a deal with a partner?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7
Quote from @Eliott Elias:

Get a joint venture agreement on it. I have a sample 


 That would be awesome to see thank you!

Post: How do I go about structuring a deal with a partner?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7
Quote from @Chris Levarek:

@Parker Shoaf Contact an attorney specialized in entity creations, LLC, JV, etc. The cost is well worth the years of partnerships.


 Great advice! Thank you I will do that!

Post: How do I go about structuring a deal with a partner?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7

I have several options where people want to partner with me on a Flip.  I don't know where to start as far as how do I actually structure what is fair for both and then once we know how to structure...how do I set it up with paperwork to make it legal?  

Post: Do you use the same listing agent for all your flips?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7

Thank you for the feedback!  Appreciate it!

Post: Do you use the same listing agent for all your flips?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7
Quote from @David M.:

@Parker Shoaf

Lets face it, if you don't list with the agent that brought you the deal, why would that agent want to bring you another deal?  Sure, nothing says that the agent automatically gets the listing.  But, its how you run your business, get leads/deals, and who you want to work with.  Open, honest communication is always better.  But, if you can't stand the agent, you can't stand the agent...  Good luck.


 Thank your  for your feedback. This was more of a hypothetical situation more than anything.  Just makes me nervous thinking about dealing with realtors I don’t have a close relationship with. 

Post: Do you use the same listing agent for all your flips?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7

Thank you for your feedback

Post: Do you use the same listing agent for all your flips?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7

I guess starting out I need to find just a few solid realtors I trust to bring me investor deals and then just have an understanding that they will be on both sides of it when they bring me one.   If I every buy anything in WA I'll be sure to look you up.  

Post: Do you use the same listing agent for all your flips?

Parker Shoaf
Pro Member
Posted
  • Posts 21
  • Votes 7
Quote from @Tim Johnson:

Investors who are constantly on the look-out for good deals know that promising to then list it with the same agent after the flip.... or several years down the road.... is good incentive for that agent to keep finding them deals. (after all, there are plenty of other investors interested in great deals.....)

But this isn't just for investors. As an agent, my goal is to create great relationships and offer "above and beyond" service with EVERY client I work with. My hope (and goal) is that every client who buys a home through me will (of course) want to list it with me when they sell. Believe me, Parker, NOTHING is hit or miss..... 


 I totally understand that.  It is about building relationships.  I want to be as fair as possible to everyone.  Realtor 1 brings me a house that the numbers work and I use them to purchase and they get paid being me the buyers agent, but do they automatically get the listing side as well or just go with the realtor I know has a great track record of selling too.  I might be over thinking it, just trying to be fair and what would more or less be the norm for that type of situation.