Partnership with $$ history

[Kevin Morris]

Greetings all. I’m a licensed agent in East central Florida as well as a HS teacher. Wanting to transition to investing full time. Was approached by a friend of over 30 years to partner on some properties. Very close friend...but HS a history of money issues (both personally and professionally). I’ve prepared a rather detailed operating agreement that outlines expectations for everyone. I’m having some reservations moving forward because of what I know of his money issues.

Thoughts?

[Mark Allen Kenny]

@Kevin Morris as much as it would be a bummer to turn this down because he's a friend, I would suggest NOT doing the partnership with him.

Partnerships in real estate are really like a marriage.  It's REALLY important that you're in business with people you trust.  Because things don't always go like we hope or plan.  When those hardships occur, you want a partner that has your best interests at heart.

Contracts can be fought or broken.  When I partner with someone I ask myself this question: "If I get a hit by a bus tomorrow, would I trust this person take care of my family?"