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Updated over 6 years ago on . Most recent reply

User Stats

21
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8
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Stephen Brieloff
  • Chicago, IL
8
Votes |
21
Posts

Partnering on deals for the first time

Stephen Brieloff
  • Chicago, IL
Posted

I am relatively new to investing, with one rental property under my, and my wife's, belt. I am currently looking to purchase a second rental property in the Chicagoland area. Based on the capital I have available and some of the opportunities I am looking at, I do not have enough to finance an opportunity on my own.

I can either wait until I build up the financing myself, or try to partner with someone. Though I like the idea of having sole control and ownership over a property, it makes sense to partner in order move closer to my investing goals if the deal is right. However, I have never done a partnership and could use some advice!

My questions:

  1. How do you identify the right (and wrong) person to partner with?
  2. What have been good sources of identifying potential partners? Personal network? Through realtor/other member of your team?
  3. How have you successfully approached a potential partner with a deal?
  4. How have you handled operating agreements between partners? Formal? Informal?

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