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Hey everyone,
Through my marketing and signing up a performance lease today, the guy wanted to pick my brain and see what we could with this 180k cash he has laying around. He is interested in buying a foreclosure. I told him we could buy, fix and sell. Told him we could buy, fix, sell with a lease purchase, at end of year have the buyer to cash us out. Then pay 15% capital gains or 1031 the money. He likes me, he is a younger guy in his mid 30’s. what ideas do you have for me to offer this guy? how do i go about negotiating my piece of the pie for doing the dirty work?
I am using a a similar technique to flip homes. As soon as I find the deal, they put up the cash at escrow to buy the property, I secure my interest with an option and 1st trust deed mortgage. They put the monies in escrow for all the repairs, or open a seperate account with online access for all parties in the deal. I do all the dirty work and all parties split the profits 50/50. I just finished one today and will be ready to sell it this week.
Jack said once that 50/50 is fair for all the time spent finding the deal, managing repairs, selling for profit and your time into the deal. This is just one avenue that you can use. Also, FHA just lifted the 90 dat seasoning rule!
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