Partnership, Right or Wrong

[Marko Zavala]

Hi all,

My friend and I partnered on a complete rehab on a triplex. The plan was that we were going to go 50/50 on hustle and money (I have the knowledge). This is a fix and hold property. At the end of the day I financed about 95% of the project ( this includes 35k in personal credit card debt). Unfortunately his contribution was not what I expected, including the hustle.

The original plan was and still is to refinance or do a HELOC to his name to buy other properties, as he is the one with a W-2. The BRRRR strategy is the goal.

I had a very uncomfortable conversation with him were I stated my point and basically ask if he would be okey with me keeping 100% of the deal. Going forward once we refinance or do the HELOC we would then go 50/50 on all the deals as we had planned from the beginning.

Is this right or wrong on my part?

In advance, thank you for the feedback.