This program is for those who have already spent $20,000 or more with a “guru” but still find they need guidance. The program requires no “up front” money, but does require $10,000 in payment either from the proceeds of up to four deals or within one year.
GURU Rescue Program
This is a “plain-language” agreement between Flipping America LLC, Roger Blankenship Managing Partner (hence forward known as FA) of 925b Peachtree St., STE 512, Atlanta, GA 30309
Client Name: _________________________________________________________________________________________
Client Address: ______________________________________________________________________________________
The client has expressed a desire for real estate mentoring. FA has agreed to provide it. The client has spent at least $20,000 in other training programs (Client will submit evidence of payments made.)
Length and Description of Engagement:
FA and his coach (or coaches) will work with the Client under the terms described below through the completion of up to four flip properties. If the Client currently owns an investment property it may or may not be included it in this agreement at the discretion of the client and with the agreement of the Coach. Inclusion would be finalized by mutual consent. This agreement is for one year and full payment is expected within this time period.
FA will assign one of its coaches to work with the Client in the manner described below (with the understanding that some particulars may vary within reason):
- The Client will look for, research, and vet potential deals according to the training received prior to their introduction to FA.
- When the Client finds a suitable deal they may (but are not required to) consult with their FA coach for review.
- If and when the Client enters into a purchase contract for any real estate other than their own home or secondary home, the client will immediately notify their FA Coach who will begin tracking this deal with them. Discussion and review of rental properties are included with this agreement.
- The FA Coach will introduce the Client to individuals or entities within the Coach’s network to assist in the process. This includes but is not limited to hard money lenders, private lenders, realtors, contractors, etc. While we recommend only those individuals or entities with whom we are confident, but can never guarantee the outcome of those relationships. The Client is encouraged to do their own diligence when considering hiring anyone recommended by the FA Coach. FA will work with the Client in resolving any difficulties with vendors or contractors. FArecommends these resources because we have vetted them, employed them in the past with satisfactory results, and have verified their availability and willingness to provide similar service and pricing to our students. In plain language, we do our best to check them out and send only people we are convinced will do good work for you. We do our best to recommend people who consistently produce good results but we cannot guarantee the performance of another entity. The client agrees to hold harmless and indemnify FA should there be a problem with a vendor or contractor suggested by FA or its coaches.
- Although the FA Coach may describe the nature and process of recruiting Private Money for real estate investments, it is understood by all parties that the successful recruitment of such funding is based largely on personal relationships over time. Neither FA nor the FA Coach promises or in any way guarantees the placement of private money into The Client’s deals.
- Contact between the FA Coach and the Client may be through multiple forms of communication as agreed upon. This may include but are not limited to phone calls, in-person meetings, email or text messages.
- Ideally the Coach will visit the subject property at least once during the process but this may not always be possible or even necessary. This agreement does not require coaching site visits.
- All parties agree that each investment property is unique and unexpected questions or situations may arise. Neither FA nor its Coaches claim to have seen every situation or know the best course of action for every possible problem. Our commitment is to do everything reasonable in our power to help make the Client’s real estate investing experience profitable and satisfying. We will disclose when we are in “uncharted territory”.
- Flip properties may be wholesale (also known as Arbitrage or Paper Flips) or they may be full rehab to retail sales. FA is prepared to assist in either situation.
- FA makes no representation as to the following:
- The Client will find deals.
- The Deals will be profitable.
- The quality of service provided by vendors or contractors.
Compensation to FA:
25% of Four Fix and Flip Deals with $10,000 minimum fee, to be paid as follows:
The Client agrees to pay 25% of the net profit (after all expenses) to FA or a minimum of $10,000 across four deals. Regardless of results the $10,000 minimum fee shall be due and payable in total on the one year anniversary of the date of the execution of this agreement. FA will provide a worksheet for calculating the job P&L for distribution of profits. The FA Coach will demonstrate how to complete the form. Job P&Ls should be completed and submitted to FA no later than three business days after closing of the sale of a property with the FA distribution to occur within three (3) business days following the completion of the P&L. In the event of funding provided by FA, FA will provide a completed P&L at the conclusion of each deal.
Deal Funding by FA
FA occasionally offers to fund projects presented by its clients. FA establishes the criteria for acceptance and reserves the right not to fund projects that do not meet criteria. Projects will be funded in the name of an LLC controlled by FA or its affiliate partner with a separate agreement and promise to pay both the Client and the Coach as Joint Venture Partners from the net proceeds of the sale of the property. FA will provide a full financial reconciliation at the close of the project. In the event of 100% deal funding, FA is owed 50% of the project net profits upon completion in addition to the 25% of profit owed for coaching. Additional fees may be incurred if the project takes longer to complete than the projected time, agreed to in writing prior to commencement of the project.
If any dispute relating to this Agreement between the Seller and the Buyer is not resolved through informal discussion within 14 days from the date a dispute arises, the parties agree to submit the issue first before a non-binding mediator and to an arbitrator in the event that mediation fails. The decision of the arbitrator will be binding on the parties. Any mediator or arbitrator must be a neutral party acceptable to both the Seller and the Buyer. The cost of any mediation or arbitration will be paid by the Buyer.
This Agreement includes four pages, this being the third of four, and is the totality of our agreement. The fourth page is Appendix A, “Schedule of Payment.”
Client One ___________________________________________ phone: ________________
Spouse/bus partner ___________________________________________ phone: ________________
Email Address: ___________________________________________
Entity Name: ___________________________________________
Roger Blankenship __________________________________________
Director of Training
President, Whitestone Investments, Inc.
FA Assigned Coach: Roger Blankenship 404-369-1018 x700 firstname.lastname@example.org