New investor with a good problem

[Account Closed]

I've got a question for you all. I'm a new investor with very little track record. I'm a captain in the Air Force and make good w2 income and I'm moving from the info gathering stage to the buying stage. I talk a lot about what I'm learning here and through books etc at work and a guy I work with recently brought up buying a multi family in a partnership. I recently got a real estate license to buy and sell investment properties and I think that adds credibility in his eyes. I've got a good professional relationship with him and he's somewhat of a mentor to me. He bought a house in Denver about 10 years ago for cash and has been renting it for the last 8. He recently sold it and has 250k in cash ready to invest.  I've got about 80k available cash. The problem is other than that there is no commercial track record. He would like to buy a 500k-1 mil property.  I've got a good relationship with a loan officer at a local bank, and I plan on attacking every selling realtor locally on dot loop to find a property. I mentioned to him that most loans are going to expect the investor have a net worth high enough to cover the loan and his response was "it wouldn't be a problem".  This is a huge jump above what I was looking for, but I'd love to make it happen.  All input on how to succeed welcome....

[Bill S.]

@Account Closed sell him his first property collect your commission check and then do your own investing. You are out of balance as far as you cash positions and by your own estimation neither of you are experienced so I don't see that you have a lot to bring to the table. It's really easy to make a bunch of mistakes on your first investment. Buying it is actually the easy part, it's the managing and making money that is challenging. I would suggest you each do your own thing. Both of you have enough to get the ball rolling so rather than try and work out a partnership relationship as well as find your first property I would advise you each do your own thing. On top of that you have a professional relationship. I'm not sure what that looks like but it's always sticky if things don't work out.