Hello everyone! I'm new to investing and looking for a little advice with a situation that I'm in. I got my first deal it just didn't go exactly as I planned with my "business partner"....
I started pursuing investing 5 months ago. I went to a REIA group that was 2 hours away from me. I went seeking advice on the best rental markets in my state. My interests changed when the leader of the group started talking about wholesaling, he said he made over, 75k on his first wholesale and the owner gave him a car. He said if I go out and find deals if I bring them to him he would show me how to do them and they would split the profits with me fairly based on how much we each have to do. That sounded great to me! So I went out and started looking for deals. I found a bunch of dud leads that I funneled through. There is little to no inventory in my area. I finally found a potential short sale. The owner said the house wasn't listed and I didn't think to check. I gave the address to them and they couldn't use it because it was listed and because of that they told this other guy I met at the REIA to send me a I text saying that the leader of the group way saying that he should be involved in my first few deals, so he can show me what to do, he said they were still trying to figure out the best way to do things. So I said yeah no problem thinking I would just split my deals with him until I learned enough to work with the leader. I just recently found a deal in my local area that we got under contract for 50k and we sold it for 65k in 2 days. I found the buyer and I found the seller. I met with everyone and coordinated everything. The guy that sent me that text message drove 3 hours to sign the contract with the seller and set up the closing with the title company. I did everything else. They split deals 50-50 and with a bunch of other people 50-50. So I thought I was getting 50-50. Then I find out 2 days before the closing that I was going to get 25% and the guy that came down to sign the contract will be getting 25% and the owner of the REIA group will be getting 50% of the profit. I tried to be okay with it because I learned a lot from them but also on the other hand I think I deserved more than 25% on this deal. Do you think I should try and demand 50% or should I be happy with 25% for the first 3 deals? It just kindve bothered me. What would you do? I'm going in on Tuesday to negotiate how much I'm going to be getting on my future deals that I'm going to have with them. How much should I negotiate for? Am I being greedy?
