All Forum Posts by: Tyler Bushey

Try to meet someone in your area that can work with you on your first deal. I'm going to look at a flip this week with experienced flippers who are willing to partner and teach me. I got lucky by networking with them, my friend went to the building next to his (one of their projects) and talked with one of them and set up a meeting between them and I. Unorthodox way to meet but maybe it could work for you too!

1 Vote

Originally posted by @Jeremy A.:

Originally posted by @Tyler Bushey:

I had an inspection of one of my properties in Biddeford. And yes they can require that you do this. In my experience, only 1 bedroom window is required to measure 4 square feet to allow for a fully equipped fire fighter to enter. Luckily I passed!

was this section 8? did you get copy of law, code etc?

https://www.pressherald.com/2016/05/23/worried-about-fire-dangers-biddeford-to-inspect-all-apartment-buildings/

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No not section 8, it was due to all the fires, I'll find you the article...

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Follow up, I know they require it, but how they go about "forcing" you to comply, I'm not sure.

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Originally posted by @J Scott:

Originally posted by @Tyler Bushey:

Originally posted by @Patrick Daniel:

There are a TON of ways to do it:

1. You can do a straight 50/50 split where money and work are equally split down the middle.

2. One person can bring the money and the other manages the project and the money is split 50/50 or 60/40.

3. One person can bring the money and just act as the lender and charge a percentage/points upfront as well as 25% of the profits.

Always make sure your are signing an official agreement (Something like a joint venture agreement) that details EVERY possible outcome.

1. Who will do what?

2. Who pays for what?

3. When will certain things get done?

4. What happens when the house sells or doesnt sell? (Plan for multiple exit strategies)

5. How are the profit and losses at the end handled?

Make sure that the terms are legal for your jurisdiction. (Use a lawyer to review and green the deal paperwork.)

Thanks for the reply. I've networked with an experienced flipper who found the deal and proposes I finance the job, he does most of the work and manages the subs and I take up the painting of the house and lend a hand with some labor. 50/50 split on the exit. My concern is making sure we also share any losses and that the rehab budget isn't inflated for him to syphen off some money.

If you're concerned about him stealing money from you, you shouldn't be considering a partnership. Perhaps just loan him the money...

It's not that I don't trust him, just trying to make sure I cover my *** if things were to go south. I'm just being overly cautious

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Originally posted by @Patrick Daniel:

There are a TON of ways to do it:

1. You can do a straight 50/50 split where money and work are equally split down the middle.

2. One person can bring the money and the other manages the project and the money is split 50/50 or 60/40.

3. One person can bring the money and just act as the lender and charge a percentage/points upfront as well as 25% of the profits.

Always make sure your are signing an official agreement (Something like a joint venture agreement) that details EVERY possible outcome.

1. Who will do what?

2. Who pays for what?

3. When will certain things get done?

4. What happens when the house sells or doesnt sell? (Plan for multiple exit strategies)

5. How are the profit and losses at the end handled?

Make sure that the terms are legal for your jurisdiction. (Use a lawyer to review and green the deal paperwork.)

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I may be partnering on a flip with someone, it's my first project and I'm curious about what common partnering terms are. Thanks in advance!

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I would pass

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Originally posted by @Jeremy A.:

thx. ill check with them.

what's their reserve requirements?

I think it's 3 or 6 months.

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Portland, Maine

All Forum Posts by: Tyler Bushey

Tyler Bushey has started 8 posts and replied 278 times.

Post: Looking to get into home flipping

Post: Housing Inspector requiring retrofitting of windows

Post: Housing Inspector requiring retrofitting of windows

Post: Housing Inspector requiring retrofitting of windows

Post: Housing Inspector requiring retrofitting of windows

Post: First flip partnership

Post: First flip partnership

Post: First flip partnership

Post: Thoughts on placing this tenant

Post: highest LTV lenders cover Maine ?