I am fairly new to investing in real estate. I have one property that I am in the process of purchasing in a few days.
One of my really good friends approached me about being a partner and investing together to buy properties.
If we bought them together we would turm around and try to lease them and split the profit. Has anyone every purchased real estate with a partner and leased it???
I would set up an LLC with 50/50 ownership in the business. Have a seperate checking account and make sure you keep all the funds streight. I have seen it go both ways. It usually works out fine as long as you are both willing to make the payments if you do not have the debts covered.
Good Luck
i started out looking for partners and it never worked out. so i started by myself and after several deals i find a lot of people are willing to partner with me.
you can use credit partners and money partners or like minded individuals who share the risk and the work. if you’re doing all the work
and they’re not doing anything but taking a 50% cut, eventually you’ll get tired of dragging their weight around.
make sure you spell out the risk/responsibilites/profit sharing before you start.