Partnering with Loved Ones

[Christopher Redden]

Hello BP,

This is kind of a personal topic so I understand if people are hesitant to answer, but I could use some help with this. I will try to keep my emotions out of it for the most part.

I am in the process of closing on my first property. I became interested in real estate for many reasons. One of them was that it was a shared interest of my girlfriend of about one year. We have learned a lot together, both through BP and various other sources.

When it comes to buying this first deal, we are financing using my credit and my savings for the down payment and closing costs. She has little to no credit and barely works currently. We decided that we would split the deal 70/30 based on these circumstances.

At first this deal seemed agreeable to her, but lately I get the sense that she feels that she is getting a bad bargain. I get this sense both from direct means as she has said it, and indirect means as she does not seem to be putting forth her full effort all the time lately.

We have not officially divided this deal yet through a contract, but we have talked about it with a lawyer.

What do you all think? Is this a fair deal? Should we be splitting it down the middle 50/50? I would appreciate any input.

Thanks