Hello! I’m pretty new to the wholesale game and real estate as a whole, I’ve been researching for about a year now and have recently taken some big strides like contacting potential sellers/buyers, networking with likeminded people and even making my first offer! (Small steps i know but far from where I was!). I’m 22 and have a passion for real estate and probably more confidence than i should! before I continue I’d like to assure everyone I’m not a ‘dreamer’ that will lose interest after a night of sleep. I’ve slept on this many many nights and have decided I WILL make this work for me one way or another. Any/all advice is welcomed and will be put to use!!
Two questions to start, I’m meeting with a potential partner later this week to discuss a partnership and I’d like to know what I’m walking into. What should I be cautious of? What kind of paperwork if any should I be expecting and how should it be setup? Obviously 50/50 but on paper how should this look?
Also, what kind of taxes do we pay on these profits? I remember reading briefly about filing under capital gains ending up being taxed about %45 all said and done? Any input is greatly appreciated! Hopefully you’ll see me posting about my first deal soon!