Hi all,
A friend of mine has been wanting to invest in property with me for a while now. As much as I would love a like minded person to talk shop with and bounce ideas around not to mention someone to run the show when you are unable, for whatever reason.
I have been hesitant because I do not see how the ownership of property and handling of profits will run?
I have a family trust set up in preparation of creating income to support my family other than with my pay-check. My friend doesn't.
Are there any advantage in combining forces?
How do we combine forces?
Do we create a trading company?
Is a simple partnership agreement enough?
Mario
Hi all,
It seems this topic is taboo?
Should I be posting somewhere else?
Mario
Hi PGD,
I have had a similar situation, someone i know who has alot of equity, and a solid job but no real knowledge of property investment wants to make a purchase together. I know him and his family well, but if i go ahead with it and we purchase a property together (with the aim of selling for a profit relatively quickly) i will most certainly have a legal document drawn up that outlines how any profit will be broken up, and the responsobilities of each person. im no trust expert but those who are might suggest you have a trust you are both a part of if the plan is to have an investing partnership ongoing. depends how you are structuring i guess and what you are doing with the property/s.
IMHO definately seek legal advice regardless of how close you are to the partner, keeps everything professional.
i guess the advantages of combining forces is borrowing power having 2 incomes or alot of equity etc, as well as having 2 brains working on your deals!
good luck
Ben
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