Partnerships

[Joe Camarillo]

Hi All, 

I have been doing much research between a partner and I, and have a pretty good plan of what we want to achieve with our RE goals. He brings just as much to the table as I do in regards to money, experience, and expertise. He currently owns a couple of business (Liberty tax and amazon store front), however does not make as much as I do on his W-2, for various reasons. We have talked about qualifying me for an FHA loan using my W-2, and then having a contract between him and I after the loan has been given, holding us both liable and responsible for the property/loan. Has anyone had experience with this type of partnership? benefits? downfalls? Pros/cons? And what routes to take in getting the contract? I imagine we would need to contact a RE lawyer to back the contract.

Any information would be much appreciated!

Thank you!

[Joe Villeneuve]

There are 3 reasons for forming partnerships:

1 - Your partner can do what you can't

2 - Your partner will do what you don't want to do.,

3 - Your partner will do what you shouldn't do.

Forming partnerships of like people achieves nothing positive, and only causes redundant costs for same roles, leaving less funding and personnel for roles that are yet to be filled.