How can I buy more than 1 property? Should I do partnerships?

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  • Investor · Jacksonville, NC · Member since 2018 · 193 posts · 107 votes
    5y

    I would say this is all based on your income, savings, credit worthiness etc..

    With that said, yes generally many people can buy more than one property.

    Partnerships are an excellent way to exponentially grow your business/portfolio. Just make sure you find the right partner, work out all the terms ahead of time, making sure that both/all partners bring something ($/network/skills) to the table.

  • Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
    5y

    @Joseph Eissa The decision to bring on a partner will depend on what your goals are in investing in real estate along with what you bring to the table.

    Partnering is an excellent way to scale; however, you must find the right partner. You should take an inventory of yourself and note your strengths and weaknesses. Also, look at, what is often discussed on BP, whether you have the hustle, money, and/or knowledge. Ensure you ad your partner(s) have complementing skills. The purpose of a partnership is to scale and grow, and having the same skillset as each other does none of that.

    Once you have a partner, ensure open, honest communication is maintained. There should be nothing that can't be discussed as it will only help the partnership and the business. 

    Ensure you get the legal details pounded out and on paper. Your partner may be your best friend and you have a great relationship now, but you always want to have those details on paper just in case.

    Good luck on your journey!

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