adding a partner in flipping boats???????

[hosskustoms]

Been doin it for awhile myself now have a partner who will buy a boat an supply parts ill be doin labor an listing. Any ideas how to divide profit an write contract for such??? Example if im doin labor should i add that as a bill plus split in profit? And should he bill for parts or just call it 50-50 :hmm

 

[onoahimahi]

I entered an arrangement like this over 35 years ago restoring and flipping cars and we settled on a wholesale labor rate that didn't really include profit and kept track of our hours and costs and split the profit 50-50. It didn't end well, however. I had been flipping 69-70 Mustangs, Firebirds and Camaros which rusted out quickly in the Northeast but were plentiful and easy to repair and easy to sell. I told him to stick to these cars and but he ended up getting a 1962 Thunderbird which was a beast that was not easy to repair and we never finished it and he had to dump it at a mutual loss.

If you are doing all the work why not find the boats yourself and keep all the profit?

 

[hosskustoms]

Good point. I guess my idea is to turn more boats an gain more $ i we both had concerns but where eager to try. I mentioned worse case scenario as a form of contractor just paying my labor. He needs me for that an i need him for funding to keep the flow.