Pay for partner or project manager

This is what I do and it is just me. My private money partner funds the entire deal, I do the acquisition and run/manage the rehab and provide the listing agent when it is ready to retail. We do an equity split of 50/50 on the net profit at closing. I have no money out of pocket.

Good Luck,
Michael

I had asked the third person before and never got an answer. She is not the money partner, but linked us together and is our go between when I have questions, as the money person isn't savvy on this, just listens to her where to invest.
But we all three do talk.
He always implied I was getting something.
She told me yesterday, she'd ask him to give me a bonus when we sell.
Looks like I will stay with my other new investors.
The town I am rehabbing in, is almost impossible to get properties, they are selling that fast and even high end homes. A facility there is converting into a medical college and now home values are going up.
And I need to get my career in this moving. This is my first big project manager and it has worn me down with problems, BUT I have learned so much, and can't wait to do another.
My major problem now, is also lead paint.
She does not want the money person to spend more than $2500 on scraping and painting old cedar shingle type siding.
And she thinks I should hire high school kids for a second story house with power lines around it to scrape, put down tarps, wear masks and shop vac chips.
NO one I have asked would even consider it, and she is stressing me out over this.
We are smack in town on main street, near the court house and the inspector lives two blocks away. There is a $10k fine if not lead certified.
I know this is off the subject, but any thoughts.

Hi Sandi the 50/50 is my partnering of choice and it works just find and its a win-win for every one, you have done alot of work dont sell your self short, get what you should get thats only fair, Jim

My advise would be to have the lead paint remediation done by pros that have that designation from the EPA. It will cost you do get this done right, but I think it will be cheaper than having teenagers scraping paint and having the chips and the dust improperly contained. Scraping and then "shop vac chips" could lead to a major fine. Ask the experts and provide the facts to your fellow investor.

Michael

I sent her an email this morning and asked her to find someone as this is too much of a fine line.
She said she will make some calls with the REI group.
I do not want to be in the middle of these kids getting hurt, or getting a fine.
thanks for the help

I know everyone says get what's yours but I think you should take this as a lession and get this behind you. I know you need the money but if it's not in writing then thats more stress. Take what ever bounes with a smile, finish the job and get the next one under contract. Check your email I sent you a list of contractors from the REIA.

I did see your emails last night. But you know they both want to work another house with me. I told them no, but they said this was a good learning rehab, and you know all the problems I had with someone (contractor) on this. And he will not ever be working for me again.
But the other guy, don't want names on here. spent over a week re doing all the sloppy stuff the other ignored. But after my conversation with one of my partners yesterday, she said they were going to give a bonus to me and to him, for jumping in and making it right.
So I am okay with it, not caring much on my end, but Pat did hours and hours of work for free, because he was so upset with things, and wanted this to be a win win for all.
I have the other 4 contractors to thank for all pitching in, and giving some breaks on this one.
But I did get the phone number you left, but not sure if he will come out this far for the painting. Hopefully, he will.
Thanks Steve, appreciate our talks and some incentive you gave me to justify re doing that ceiling and hallway, looks soooo good now, and the kitchen looks awesome now!
Have a great day, and if we can get the retaining wall and drive done this week, IF we stop getting rain and snow and sleet showers, I want to have open house next weekend, try to come out.
Sandi

Just saw the list from the REI, I saw they were putting one together, but I didn't get it yet.
Thanks!

Thanks for your post. Everyone needs to look at this for future reference. Best Thing to do is DO IT RIGHT THE FIRST TIME!!

Bruce......