So when I wanted to start investing in real estate and spoke to the agent that helped me buy my current residential home 3 years ago, she referred me to another agent that does investments for himself too. Now this new agent offered to become partners, where I bring the money and he brings the deal and the hustle. I am kind of a little worried because I havent dealt with him before. He seems to know what he is talking about, but because its my first time dealing with him, I am a little worried. Any advice can be offerred on that situation? If we partner up, is there like a contract that would be written to know what's expected of out of each of us?
@Sandi Ghobrial I think because you were recommended by your previous agent that you should give him the benefit of the doubt and get to know him and his investing history and see if he is doing things that you would also like to invest in. I do think if you just met it is to early to just jump into a partnership out of no where but you also don't want burn your bridges for future opportunitys. good luck with your decision
Are you lending him the money? (ex. cash, retirement fund, HELOC on personal property)
Or are you going to a lender to finance the purchase of the home?
Partnerships can be really tricky, especially with people you do not know personally.
I believe it can be very advantageous as well, if done the right way.
Unfortunately the odds are stacked against you and he will screw you unless me provides you with collateral on your loan with an asset of equal or more value than what you are providing. An example would be interest in the property in excess of the loan.