First Rental Property

[Evan Ryan]

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!

[John Paul Whaley]

@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.