Rental Property Investor · Syracuse, NY · Member since 2018 · 17 posts · 3 votes
I have a portfolio of 5 properties valued at 400k. I cant access it because my credit is shot. A little back ground the deals was 185k 2 multi families and 3 sfh. 60k down payment with owner carry at 6% for 5 years. This was a amazing deal. I am looking to cash out the previous owners and use the rest of the cash to build. My credit is not great right now I just purchased my first home. I have a friend that has great credit and looking to get started in his real estate career. We started talks about how we would split profits from next deal and he wants 60% and I take 40%. I thought 50/50 would be ideal. I have the properties I have about 2 years experience with contacts and connections. looking to get some feed back on some options on handling this partnership.
@Douglas Hogue congrats on that deal! The way I see it you may have a few ways to do a cash out as it sounds like they’re all residential. You said your credit is shot but you just bought a house, is it too bad to cash out on those properties with over 200k in equity? As for the partnership if he has the credit I’d take the 60/40 until I fixed my credit then renegotiate those terms.
Remone I appreciate you getting to me.Yea the House hit my credit score pretty good. I got my house about 5 months now. We spoke and my partner only wants to do the 60/40 for a year then move it to 50/50. I thought was fair.