Advice For Partnering With A Maintenance Person
Hello!
I am planning to purchase my first multi-family property. I have a background in accounting and my strengths are more on the business/ organization side of investing. I do not have experience with maintenance or DIY projects. There is someone I know who is older, has a lot of experience with maintenance and has owned multifamily properties in the past.
I would want his help with my first property, but I am considering how to approach this. My two options I thought of was to ask him to handle the maintenance of the property and I could pay him like a property manager, or ask him to partner with me. I feel paying him like a property manager would not be worth it to him, especially since all I would need him to do is maintenance and do some updating.
If I ask him to partner he would handle the maintenance and renovation, but I would want to control the everything else. Has anyone partnered with anybody like this? Do you do joint tenancy? Would you split the ownership 50/50? How would you determine the earnings split?
Any insight is appreciated. I know I asked a lot here.
-Devon