Updated over 8 years ago on . Most recent reply
Getting Started (a.k.a Conquering Paralysis by Analysis)
I'm a new investment property owner. I have 2 properties under my name. The first is my homestead and the second is a home I inherited. I recently transferred the deed to the second property and it's under my name. My goal is to build equity and cashflow. Most importantly, I want to leave a legacy to my children and subsequent generations. The newly acquired property, which is paid for, has 2 units. My plan is to rehab it to the tune of $45,000. I have a contractor (whom I know well and he has done very good work for me in the past) who wants to invest in the property with me.
Our goal is to rehab the existing unit, rent it, refinance it, and buy other units and repeat (BRRRR). The after-repair value of the property (based on my market research) would be around $95,000. My concern is whether I should add my Contractor Investor to the deed, which is something he wants to do to protect his interest. I've asked family and friends what they think and they're all against adding him to the deed (none of them, however, have ever invested in properties with other investors).
I'm stuck and have been thinking way to much over the matter. Please help!