Hello BP community!
I am a Canadian that got the real estate investing bug fever over the last couple of months. I would like to get a first deal moving foward in the coming fall witch gives me 6 months to get organise and ready for such an endeavor. I am currently researching for a free online real estate partnership contract template. Any lead on the subject will be gladly appreciated.
I'm very sorry. I hate to burst your bubble, but...fair warning, I'm approaching you with a very sharp object.
1 - Your priorities are skewed
2 - Setting an ultimatum of "6 months" to get your first deal, can only lead to trouble...and result in you taking the best deal (even if it's a bad deal) you come across during that time period in order to make your "deadline". Don't make a deadline timewise for your first deal.
3 - You can't use a shortcut (partnership template) to for a partnership. Before you even think of forming one, you need to know why you're forming it. Why are you forming it?
4 - At no time in the above post did you mention anything at all about the following 2 very important prerequisites to moving forward -
a - Your goals (financial)
b - Your current knowledge base
5 - ...I guess that's enough for now...but there are more items...I just choose not to mention them at this time since the above list makes the rest of them a moot point.
Thank you for the detailed responses Joe!
As you might have guessed, my knowledge on a real estate deal is very limited. I am far away from making a solid plan and was looking at a template to just have a look at what it may consist of.
All of this helps put things into perspective.
I'll take your advice into consideration.
@Joe Villeneuve well put, this way very helpful to me as well.
@Matylda Lis a word of personal advice: I would avoid partnerships until you've established yourself as an investor and know what you're doing. One amateur is risky. Two amateurs would be dangerous.
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