Partnerships- What's the deal?
Hello fine people of BiggerPockets. I currently work full time in logistics. My wife, Mav, is a stay at home (property manager) mom with our 5 month old son.
We are fairly new to the business of buy and hold deals. We currently own 3 rental properties in central Arkansas, but are feeling like we are at a crossroads. We have had several people (friends and family mainly) ask to partner with us on our next deal. While it's flattering, we always decline because we have heard horror stories from other business people about partnering with family and friends. However, we do feel like we could use another set of eyes and opinions in our business planning and are not opposed to a partnership.
My questions are:
What is the breaking point where you decide you would do better in a partnership?
How do you decide who is the best partner to have?
Do each of you get separate loans with the bank or do you have a joint loan? (Which is better?)
Thanks so much for the advice. We are always wanting to learn more and connect with more people interested in this field!
-Zac and Mav