Читать книгу Flipping Houses For Dummies - Ralph R. Roberts - Страница 79

Partnering with one or more friends or family members may be an option, especially if you have rich friends whose house flipping skills complement your own or if you have the skills and they have the money. With their financial backing and your combined knowledge and skills, you may be able to form a long-lasting and financially rewarding partnership. You may also consider taking on a partner in the following situations:

 Your credit is damaged, and you need someone who has a better credit rating to help you secure the loan.

 You can obtain a loan for purchasing the property, but you need a partner to provide funds for renovating it.

If you partner with someone for access to cash, you typically split the profits. Unfortunately, when you’re just getting started, your negotiating muscle is a little flabby. The person with the cash usually calls the shots. A 50/50 deal is about the most you can expect, but that can be overly optimistic. With each successful flip, you strengthen your position and eventually can offer the people who front you the money slightly more than what they can make by investing their money elsewhere, so you keep most of the profit. Early on, however, you may need to give your more affluent partner a bigger chunk of the profits.

Taking on a partner is like getting married, so if you don’t trust a person as much as you trust your spouse, you probably shouldn’t become partners. Great partnerships are rare, but when they work, they enable both parties to achieve more than they could achieve individually. All too often, however, a partner runs off with the cash, fails to pay the contractors, cashes checks made out to the water company or building supply store and pockets the money, files an insurance claim to collect for damages without your knowledge, or figures out some other way to pick your pocket.

If you partner with someone, have your attorney write up a contract that details the responsibilities of each party and how profits are to be divided. Need an attorney? Head to Chapter 3 for help in finding one.