All Forum Posts by: Rick S.

It is a strangely worded and vague contingency clause. But it sounds to me that as long as you are not more than 12 days into the contract, you can simply tell them you're not happy with the condition of the property and cancel the contract. No need for an official inspection or property inspector to get involved.

Sorry Andrew, but I do not remember the name of the contractor, I just read a few posts or adverts of theirs somewhere recently.

Great concept if you can put together the systems to make it a profitable reality. I researched adding an ADU to a rental property I had in Oceanside, but at the end, although it would have made extra income on the rental side, it would have taken too long to recoup my expenses when I sold it because it just didn't add enough value to the SFH from an Appraiser's point-of-view. view. Of course I was planning on Stick building it and not importing it from China, which could be a whole other ballgame.

There is a contractor here in San Diego that specializes in ADUs. Maybe on BiggerPockets, I don't remember . You should connect with them. I'm sure they could help you navigate all the different regulations of all the different cities. As mentioned earlier, each city has its own regulations. Some, like Oceanside, have just adjusted an approved their new guidelines to fall in line with the new state guidelines, others are still in the progress.

@Matt Stewart would you be willing to share a draft of your JV agreement with me?

@Michael Ablan so you both have financial skin in the game - that is good, it keeps everyone honest. Who's name to you put the property title under? And are you splitting the profits down the middle?

@Michael Gessner you are exactly who I am looking for to partner with. Unfortunately there is a bit too much real estate between us. Good Luck!

@Dana LaBerge I like your system. Hopefully I can find someone to partner with around my area that can duplicte it! Thanks for the info.

If I was to fund a flip with a 1st time flipper, I would more or less treat it as an internship. I would ask for a larger share of the profits and would guide the newbie, step by step thru the first few deals, and hopefully build a long term relationship and a system for an eventual 50/50 split.

Unfortunately, Redding is a bit too far for me to help you out on this. But if you get any deals closer to San Diego, let me know.

Good Luck!

I don't want to do the leg-work flipping houses any longer, but I enjoy being in the game.

I would like to setup a system where I would Joint Venture with an active flipper for a few projects each year. I am sure there are plenty of flippers using HMLs or PMLs,  but do any of you actually partner on a project where you split the profits somehow? 

Im trying to research the best way to structure the deal, and I am hoping that someone who has done a JV could chime in about how they structured the deal and how it worked out for both parties.

Thank you for the affirmations everyone.  I'm happy to see I'm not losing my mind.