3-Way Partnership - Birmingham, AL #newbie

[Jordan Page]

Hey everybody, I'm Jordan Page from Birmingham, AL. I'm 24 years old and quite new to BiggerPockets & REI as a whole. I have a few questions about getting started in mutual partnerships, particularly 2 of my close friends. Basically my short term goal is to save enough funds to put 3.5% down plus have 6 months expenses saved towards a 100k-120k FHA loan on a duplex, triplex, or quadplex & househack for the first 1-3 years. Are there any pros & cons to jumping into a 3-way parnership. My thinking is 3 low incomes is better than 1 low income and can get this off the ground a lot faster & also minimize risk. However, splitting cash flow & potential future equity might make a deal this small not worth it other than the experience. Any advice or new perspectives would be amazing and greatly appreciated. I look forward to growing my relationship within this community & pushing forward with this new step of my life. Thanks all, Jordan Page

[Caleb Heimsoth]

Jordan Page it’s good in theory by you may have some difficulties with this. First is for FHA or conventional financing most banks won’t close in an llc. Which means one or multiple of you will have to be on the loan.

Secondly which you sort of mentioned yourself is at 2-300 a month cash flow/ 3 isn’t a lot to get excited about.