Investing with a Partner

[Grace Kim]

Hello BiggerPockets Community!

I am just starting out with my Real Estate journey. For me to start making moves in investing, I am willing to get in with a partner in purchasing a multi-family property. I have been given the advice to create an LLC if given the case, but would like to hear from those who have some experience in partnerships

Thank You!

[Ned Carey]

@Grace Kim welcome to BP I see this is your first post. 

Many people say partnerships never work out. Ask Charlie Munger about that.  He is Warren Buffet's partner. 

I have had many partnerships in the past. Many of them faded away but always on good terms. My current partner and I have been working together for 8 years and things are great.

I like an LLC for partnerships and you should have good buy out and separation clauses. A good partnership is when the partners bring different things to the table. That is both in terms of knowledge and other resources like time. money and connections.