Updated almost 5 years ago on . Most recent reply
Opening a shared bank account with all partners?
Obtaining real estate alone has become really hectic and frustrating. The only other option I really have left is to start partnering with family-friends. I have been thinking to open up an account with a local credit union that specializes in lending to investors and can include different members. I was planning on having all Members to debit this account so we raise capital to invest. After having a sufficient amount, we would use it for downpayment/rehab costs/etc. All income/expenses will be only credited/debited from this account.
Is this idea that any of the BP members have attempted? If so, how did it go? What are the Pros & Cons top of this strategy? Additionally, should I open the account up in my name (as the main leader) or in the name of an LLC?
Thank you all, and happy new year!