Me and my best friend(both 16) are interested in real estate. We think it would be fun to invest together. But, I hear people saying its best to invest by urself. So my question is…
Is there a good way me and my friend can partner up and invest together efficiently?
You cannot legally get into a binding contract at age 16
Yes I know this, I mean when we are 18. As of right now we are just reading books and learning. Sorry for not clarrifying lol. :bobble
By then you will know enough not to need a partner
Partner up if the relationship will be mutually beneficial. Usually one partner can cover what the other lacks, and vice versa. For example, one might have cash on hand and the other more time to actually get the deal done and manage the property. Always lay out the terms specifically beforehand and a legal way to cover yourself.
Buying real estate together is a bad idea. You do your deals and let him do his. If you partner up it will ruin your friendship.
I sell investment properties to buy/fix/sell or buy/fix/rent. I love it when a set of partners come through my door, because pretty soon I’ll have two individuals buying properties from me.
One partner provides the funds. The other partner does all the work and pays back the loan. The partner providing the funds has no say in the operation of the business.
I suggest you do some real estate deals and let your buddy do some real estate deals. Then on the weekend you guys get together at the lake to see who made enough to afford the best boat.