Let's talk about Partnerships!

[George W.]

So has anyone ever done there first deal with a partnership out of state? I am going to invest out of state because mine is a expensive place to start. I can afford to do my own deal out of state but am considering possibly finding a 25% partner who is familiar with the area more/lives close. Reason being is that it'll cut back on expenses for me slightly on a first deal. Also it would be good to have a set of eyes near the property. Big question is would that definitely mean starting an LLC? Additionally lets hypothetically say i needed a new roof and it cost 10k and my partner didn't contribute, would that mean i could legally take their share of the roof (2.5k) off of their 25% cashflow? Also owning 75% would that mean i would have more say on selling the property later? Where have most of you guys met your partners? Do you overall regret your partnership? I'd like to hear some stories both good and bad. Thanks!

[Jerryll Noorden]

Yup. I have a guy I call Mr.Gold

Never met him, but I think he looks like this:

And when I bring him a new deal he looks like this:

And when we get paid he looks like so:

I am amaaazing at finding deals and he is AMAZING at being filthy rich.

Together we are Blackman and Floggings!

We split everything 50 50.

No I do not regret my partnership. Even when I have my first million, I will continue partnering with him and 50/50 all deals.

It just works!