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Greater Pittsburgh Area Real Estate Investors
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 Post subject: Rehab partnership agreement
PostPosted: Fri Aug 27, 2010 7:48 am 

Joined: Wed Aug 25, 2010 7:46 pm
Posts: 1
Good Morning Phil,
I live in NJ and Invest in Pittsburgh. I am in the process of partnering on a rehab with a local Pitt Investor that already owns the house with his wife and a non relative 3rd party.I will be putting up 100% of the rehab $ he will be doing the rehab. The exit strategy is to sell when complete and split profits.
What agreement do you recommend to ensure the property is put up for sale when complete and I protect my monetery Investment? We did the title search and a couple of municipal liens came up but they are in the process of being satisified.
Thank you
Danny Pinello
Property Network Solutions LLC
P.S. I received your contact info from Mark Fitchner.

 Post subject: Re: Rehab partnership agreement
PostPosted: Sun Aug 29, 2010 9:25 am 

Joined: Thu Mar 04, 2010 8:42 am
Posts: 10
Location: Pittsburgh, PA
Obviously you know to have a mortgage filed to secure your interest and position in the property. you probably should have a short payback time so that if there are problems with your partners, you have the option to start foreclosure sooner rather than later.
You should have an additional contract to outline the profit split and also to outline the parameters of sales price, both starting price and minimum offer you will accept. Also include the real estate agent info so you are able to interview them and are comfortable with them.

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