Updated over 6 years ago on . Most recent reply
Partnership with $$ history
Greetings all. I’m a licensed agent in East central Florida as well as a HS teacher. Wanting to transition to investing full time. Was approached by a friend of over 30 years to partner on some properties. Very close friend...but HS a history of money issues (both personally and professionally). I’ve prepared a rather detailed operating agreement that outlines expectations for everyone. I’m having some reservations moving forward because of what I know of his money issues.
Thoughts?
Most Popular Reply
@Kevin Morris as much as it would be a bummer to turn this down because he's a friend, I would suggest NOT doing the partnership with him.
Partnerships in real estate are really like a marriage. It's REALLY important that you're in business with people you trust. Because things don't always go like we hope or plan. When those hardships occur, you want a partner that has your best interests at heart.
Contracts can be fought or broken. When I partner with someone I ask myself this question: "If I get a hit by a bus tomorrow, would I trust this person take care of my family?"