THINGS to discuss before Partnering on a property

[Brian Badolato]

Hey Everyone,

Me and my buddy are good friends and business partners. We are looking to both househack together we live in one side and rent out the other side, our plan is to split any equity or expenses 50/50 when it comes to that point. 🙌💰🏡

My question to you ALL and in your experience is what else subjects should we discuss? That way in the future we won’t get into any arguments when it comes to such matters while house hacking.

For Ex: “Talk about groceries, equity splits, etc….”

All insight is appreciated!😄

[Allan C.]

@Brian Badolato most important item is the partnership exit clause. High likelihood one partner wants out before the other, so get all the details sorted on how that equitably occurs. All operating agreements that I am involved in have 10+ pages, so you’ll only get a fraction of the important clauses from a forum post.

Best suggestion is to hire a lawyer in the state of operations to draft an OA. It’ll cost $1-3k and will be well worth the fee.