We were looking for real estate partners because we were new to the Tucson area. We found that two identical houses here can be $50,000 apart in price if they are three blocks apart. Also, the styles are different from anything we had in Michigan, so it would be good to have some help figuring value and what buyers want.
At the Arizona Real Estate Investors Association meeting I announced that we had money to invest in fixer upper real estate, and we were looking for partners. The host wrote our names and phone number down on the overhead projector along with the others. About three days later we got a call.
Sam and Nikki were nice people, and we got along well when we met. Their offer had been accepted on a house. Looking at the comparison sales they had found, it seemed like a good buy. They had done rough estimates of the rehab and remodeling costs, and it looked like we could make some money. There would be a third couple involved, so the expected $75,000 profit would be split three ways. Agreeing in principle to the deal, we arranged to meet the other partners at the house after closing.
Too Many Real Estate Partners
Six people with six...
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