Posted by JohnG on April 26, 2000 at 12:18:18:
There was an in depth discussion on partnering with a contractor here a week or so ago.
It was very informative and the bottom line was that partnering with a contractor is either a bad deal for him (he does all the work and gives up half the profit) or a bad deal for you (you find the property , creatively buy it; find a buyer and structure the deal and you give up half the profit).
Its like the Groucho Marx saying “I wouldn’t want to belong to any club that would have me as a member”. The guy who you really want as a partner doesn’t need you and the guy you end up with may be a week away from the receiver calling at the door.
I have found that the best “partnerships” are with a hard money lender who gets a great return on his invested capital and you get to reap the rewards of putting together a creative deal.