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Tag Archives: real estate partner

Flipping a House: Beware of Partners

      As you might recall, we are currently in the process of flipping a house. We partnered up with a property management/ remodeling company for this project. Basically, they brought us the deal. We are putting up the money, and they are responsible for taking care of repairs and remodeling the property. You can read more about the financial details in the previous two posts. We Flipped a House!- Part 1, Buying the House We Flipped a House!-Part 2, Renovating a Distressed Property My last update had us almost finished and ready to put the property up for sale. However, not very long after that post was published, the wheels fell off, and we have not seen much progress toward finishing the house. If you do want to purchase real estate as an investment, I would be very careful before deciding to take on a partner. What Happened? Honestly, I’m not sure. When we noticed that no progress was being made, I repeatedly tried to find out why. I got a whole slew of excuses; everything from “my Mom has been ill” to “we had an emergency with another rental property”.  We are pretty reasonable people, but this was ...

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