My friend and I are going in on an out of state fix n flip deal and we basically wanted to soak in as much info. as possible! Any tips; rules of thumb; needed precautions; etc for any aspect of the fix n flip strategy is welcome. We're looking at everything from average net profits; costs, weather it be average holding costs; how to handle contractors (how to pay them [half before and half when done, when the job is done, or in increments]); writing up solid contracts for our work with them; how we should contract our own business with one another (weather thru a Memorandum of Agreement, creating a Syndication, etc.)
Since we'll be out of state, our realtor said she'll check up on them for us. Should we have certain contingencies in our contracts with them about the progress that needs to be made?
Thank you all for any and all of your advice and of course, your time!
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