We’re a real estate investment corporation (mainly flipping) operating in the Bay Area of California, we’ve been doing this about 7 years and flipped 200+ houses. We’re expanding operations, to work with investors in other locations (guiding them through the flip for a small cut of proceeds), and we’re wondering:
A) Does anyone else have experience doing this sort of thing? If so, any issues we should look out for?
B) What kind of interest do you think there is for this sort of arrangement?
Also anyone who has flipped a house remotely, I’d love to hear your experience. Thanks!
Yes, I do this as a mentor across the country and students love it! It works really well. The way I look at it, I invest in real estate all over vicariously through them
Some important points - set up expactations early on, like how is going to work, split, training, etc. Have them sign a contract. I split 25 or 50/50, depending what level of help and committment they need from me. Keep ongoing communication - they can schedule calls with me 5 days a week.
Investors like to work with someone who is experienced and they don’t mind splitting their profits. There are so many “gurus” out there who just take want-to-be investors’ money, that it is refreshing to having actually an experienced investor/mentor “put money where the mouth is.”
I would love more information on the mentoring you offer. I just need help. I really have a passion for real estate and want to learn all I can. I have gone to seminars, studied several systems, e-books and downloads. I am awake for hours every night looking at forums like these and trying to see how I would work deals but it gets overwhelming when you aren’t sure. I have asked others to mentor me and haven’t found any takers. I don’t have any upfront money so I am definitely looking to wholesale first. I am however willing to split profits from the deal. I will go as far as 50/50 just to learn some basic skill. You don’t have to give me your secrets if you are not comfortable, I am mainly seeking reassurance…I think…Please let me know if this is something you can do.
I only flip locally, but I know there are many investors who flip on a national level with partners. I heard one such investor speak at FICON this year who flipped 1200 homes in 2013.
