Mentor looking to invest with me!!

[Nick Burkhardt]

I'm working through my first year of landlording and constantly looking for ways to invest again. My mentor (and broker) taught me that jobs don't buy houses, houses buy houses. So I'm improving my current 3-unit (FHA occupying one 1-bed with my fiancé), and waiting for that 20% equity in 3-6 years time. In the meantime my relationship has developed with my mentor and he said something the other day that started turning my wheels. He said "I'm all ears if you're ever looking for a partner".

I'm reaching out to my BP friends to see what that might looks like. He is a man with plenty of disposable income, so I sort of assume that would be his major contribution. I on the other hand I am just starting out and would need to use my time and energy to contribute. So I'll take a rough stab at a deal and that might spur conversation.

I see it potentially going like this; He fronts me down payment/CC and I buy the property. I work it, improve it, fill it and rent it for 5-6ish years with no cash flow returns. At that point he is paid off with a 25% - 40% return. At that point I resume all cash flow gains and refi for that NEXT prop! Let me know if I'm anywhere close!

Thanks everyone!