OfflineI want to partner with a friend in purchasing duplexes; and need to know what the best way to finance a property?
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Vangie Palmerton
Partnerships
Posted on: Tue, 07/21/2015 - 03:04
I want to partner with a friend in purchasing duplexes; and need to know what the best way to finance a property?
Vangie Palmerton
Before asking to partner up with anyone, you should explain the value you will be contributing to the partnership. Why would anyone want to partner with you? What is in it for them? What value will you be bring to the partnership?
Partnerships are organized for two primary reasons.
1. Financial
2. Expertise
If you don't have either, then there is no partnership. No one is going to partner up with anyone without a cause. Either you must bring money or knowledge/expertise to form an effective partnership. Otherwise, what good is it to take on the burden of a partner without a clear benefit?
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
I agree with both must bring something to the table that is correct.
Vangie do some marketing and bring a deal to the table so you have skin in the game, make sure your partner has money to fund the deal and yes if you are new they must have experienced. Im confused tho are you going to rehab/hold or flip?
If both don't have financing you should search out private money, or owner finance and do the work yourself, you can live in it while you do the work, I have done 3 this way it works..
Just my thoughts
Aaron