I have been here for a while. Educating myself, working to repair my credit, and saving money. Thank you to everyone here. After three years of working for investors as a rehab contractor all the pieces have fell into place.
My best friend has watched me rehab property after property. I explain to him the ins and outs. We look at properties in our spare time, all 20 seconds of it! My hard work has paid off.
On Thursday he gets a check for $85K. On Friday we form an LLC with $50K operating capital!
- Buy the right properties.
- Rehab and flip, (even if we list below market value to close quick).
- Build mini-storage at $25 per Sq.Ft.
- Retire in Fla. with a monster passive income.
- Play Poker!
Congrats! Hopefully you can form a successful partnership, but you know what they say about friends and money…
Good luck though. You’ve had a long time to see what to do or not to do. Let us know what you find for your first project with the new business.
I will let you know how things go. We have worked together in the past. The key to a successful partnership is to:
Have a good business plan.
Have a clear concise outline of responsibilities.
Have goals AND an action plan to meet them with timelines.
ALWAYS have an exit strategy. If the partnership works then
the parties can extend the business.