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Old 06-08-2018, 11:56 AM
 
Location: Minnesovia
2,451 posts, read 629,701 times
Reputation: 1497

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Just wondering what kind of feedback some of you could give me.


If I wanted to "partner" with someone - a friend or family member - on buying a house and renting it out.


Is this a bad idea? Good idea? What are the steps we would need to take to make such an arraignment work? Legal documents we'd have to look into?


Is it too problematic?
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Old 06-08-2018, 12:17 PM
 
975 posts, read 279,560 times
Reputation: 1423
I do know you have to think about how to take title. That's because you want to think about who is responsible for the house if the other one dies. Your heirs or the person you're buying with, etc.

I know some people who had problems when one needed to sell the the partner didn't want to.
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Old 06-08-2018, 12:34 PM
 
Location: The Triad (NC)
26,837 posts, read 57,830,396 times
Reputation: 29235
Quote:
Originally Posted by Kavalier View Post
Just wondering what kind of feedback some of you could give me.
Sure. As has been said a few times and a few ways already:
Set aside this entire line of thinking.

Focus on a straight job and developing skills/income.
If you're still bound and determined to someday go into the RE business
then get that straight job with a management or development company.

Get PAID to learn the 10,000 things you don't even know to ask yet.
(#1 on that list will be the value of OPM)
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Old 06-08-2018, 12:46 PM
 
98 posts, read 40,246 times
Reputation: 248
It sounds like a really risky and bad idea entangling finances and credit like that while ALSO depending on the property as an income generator. I would never ever ever.
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Old 06-08-2018, 02:10 PM
 
Location: NC
6,081 posts, read 7,023,877 times
Reputation: 12054
You could form an LLC that spells out the responsibilities of you and your partner. You would need a good attorney to set it up so that you covered all your bases.
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Old 06-08-2018, 02:15 PM
 
64,532 posts, read 66,100,109 times
Reputation: 42983
we use a family LLC for our real estate business
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Old 06-08-2018, 02:37 PM
 
Location: The Triad (NC)
26,837 posts, read 57,830,396 times
Reputation: 29235
People: the last thing this guy needs is advice on is HOW to implement a bad idea.
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Old 06-08-2018, 02:49 PM
 
Location: Minnesovia
2,451 posts, read 629,701 times
Reputation: 1497
Quote:
Originally Posted by MrRational View Post
People: the last thing this guy needs is advice on is HOW to implement a bad idea.
Is there a particular amount of money you would be comfortable with someone wading into the world of property?


If I had, say, a million dollars, would you then give me the okay?
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Old 06-08-2018, 02:53 PM
 
10,265 posts, read 6,491,094 times
Reputation: 10837
Quote:
Originally Posted by Kavalier View Post
=


If I had, say, a million dollars, would you then give me the okay?
If you had a million you wouldn't need to partner with anyone.
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Old 06-08-2018, 03:41 PM
 
Location: Los Angeles (Native)
24,151 posts, read 13,668,407 times
Reputation: 11364
I wouldn’t want to partner on a rental . On a flip that’s different since it’s short term .
With a rental I’d be worried about the other person or myself wanting to sell at some point .

Do you own your own home now ?

If not look into an FHA loan, you can buy a 2-4unit property for 3.5 percent down

Live in one unit and rent the others . Could be a low down payment way to get into rental investing as it has been for many others . If you google “house hacking” you’ll see a bunch of stuff about this strategy .
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