Anyone do a deal with a friend. If so, let me know how
you structured it to cover all bases.
I’ve got the cash and credit, very little time. My partner is
very handy and has plenty of time> ie no wife and kids!
Thanks
Hi there! I am working with my mother & father-in-law. We are splitting everything 50/50. The part that worries me is that she has very little time to be at the house, but her husband will probably be helping so I guess that will be ok. I just didn’t wanna be doing all the work or dealing with the contractors and then still split everything 50/50.
Or maybe that’s the price I will have to pay for having a more “silent” partner. lol
deedeelynn,
What is your buying strategy buy and hold or straight flipping or it is both…??
I have a method to protect all parties in the transaction even family…
You can use our product to do equity shares or any other type of creative financing arrangements safely, ethically and of course legally.
The problem with family are those all too common squabbles that come up like who holds the title or they want to be on title etc.
The way we do it we can assist you in the negotiation process to make sure all parties are covered.
I can not give tax or legal advise but suggest your form the appropriate entity like LLC or C corp so your family members are protected from that side of it. To setup an entity you can do it yourself but if it gets involved, make sure you consult with a good tax or R/E attorney who specialized in corporate entities structuring.
Hi,
I am going to be working with a partner. I will be financing the properties and he will be finding and rehabbing and dealing with the sale afterward. We will be splitting the profits 50/50. Does anyone have a draft of an agreement that would work in my situation? Should I be setting up an LLC with him as a partner? In this kind of situation, who will be responsible for the taxes on the profits?
Thank you,
Star
You are moving WAY too fast - this is a set-up for disaster. Partnerships take TIME to properly set up. Of greatest importance: a strong and well thought-out operating agreement. Those are long and involve going over LOTS of situations & issues with your partner. A decent start would be found at www.nolo.com in the form of “The Partnership Book”. I do sell an entities course that covers choice of entity for RE, along with set-up and maintenance. But first I’d spend some time with the cheaper Nolo book.
John Hyre
Thank you very much for your help. I will go to the Nolo website and take a look.