Updated almost 7 years ago on . Most recent reply
First Rental Property
Hi everyone! First post on the forum. I recently finished reading The Book on Rental Property Investing and I’m exploring my options for purchasing my first single family home. Wondering how people’s experiences have been pairing with a close family member on a deal like a father son scenario or something of the likes. Any responses would be appreciated!
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@Evan Ryan yeah I have plenty of family members that I would be comfortable doing a deal with, but I would always put everything in writing. No matter how much I trust the family member, I would make sure there is no room for interpretation in the operating agreement.
Some people need money or credit so bad that they do business with a family member who has a shady investing history or is generally untrustworthy. I would NOT recommend this. I have heard horror stories about investing with family members.
That being said, I have also heard some awesome stories where people get to work with family on their way to financial freedom. That sounds incredible to me.