Updated about 10 years ago on . Most recent reply
Need help setting up a self-storage partnership...
Hi folks. I am a 22 yr old investor with one duplex under my belt that I bought when I was 20. Now I am looking at a self-storage unit facility closeby me. I am wanting to set up a partnership with my uncle for acquiring it. We don't live close to each other and he would be the guy with a good part of the down payment money and I would put money down too but I would also be looking after it and collecting money. My question is what is the best way to structure a partnership in this situation? He would be ok with setting it up as a 'loan' to me but I want to have him involved with having some profit percentage as well.
The property is a 59 unit storage facility with a $53,000 gross profit, $47,000 net profit. Asking price is $450k......
Thanks in advance!