Starting to use OPM the right way...

[Geoff Woods]

Hi All,

My goal is to have $12,000/mo in passive income in the next 7 years. After locking down my first 4plex through conventional financing, I realized quickly that 10 conventional deals will not get me there. However, after sharing my success with my network, friends and colleagues, many expressed interest in partnering up (I find the deal and manage the business, they put up the money/credit, etc.). Suddenly I realized, the path to financial freedom for me will need to involve leveraging other people's money.

For those of you who have some experience working with OPM, my questions (and common questions I am hearing from others in my shoes) are:

1. What documents should I have in place to protect myself as I form partnerships for a single deal? Someone recommended I have a Private Placement Memorandum in place to protect myself. Any recommendations on how to get these without breaking the bank?

2. Knowing what you know today, what would you do if you were in my shoes as you start to leverage OPM?

3. Are you aware of any good crowd source funding sites for deals? Thoughts on this avenue?

Thanks in advance for your feedback on this. Any other misc tips you would offer are much appreciated.

Geoff
858.900.1159
[email protected]