I have come across a great opportunity with REOs buying in bulk. My realtor who knows that I'm looking to buy for 65% of FMV came across a bank that wants to sell in bulk for 45% of Broker price opinion.
I contacted an investor who I told him about this opportunity, was willing to buy in bulk at this price.I told him what the criteria was as far as what the bank wanted to see before showing the list.They want a proof of funds (verifiable)or a bank statement. He is willing to do this knowing that last week I had a list of REO's that I showed him and he wanted to buy 4 properties to start. An investor came in and bought the whole bulk package, $37m worth of properties for $17m.
Now he knows we have to act quick if he wants to buy this cheap. He's ready to go.
When I sat down with him originally, I told him about this opportunity and that I was looking for a partner to help me buy,50/50. I told him I was a carpenter and currently working as a Home Inspector and I could go in an assess the properties to see how much work they need and acually do the work or get a crew together to do it. We never really agreed on anything besides me finding the deals.
Do I stick with the 50/50 deal that was never really agreed upon or do I ask for a finders fee?
I know I have other skills to offer to compensate for having no money in the deal, but I want to do the right thing and not blow this great opportunity.
How should I handle this? This guy has alot of $$$ and wants to buy/hold/rehab.
Any input would be greatly appreciated.