Business partner relationship

[Zachary Beauchesne]

My very first lead. So I’ve recently become obsessed with everything real estate investing because I’ve realized the potential for wealth building and getting me out of the hospitality industry. I recently learned I had my first lead and it came through from my best friend. This dude is it, we meet at 14 and we’ve been friends since, we talk a few times a week. I slowly brought up real estate and he told me about his current living situation, what his purchase goal was and an offer his landlord made a year or so ago. The offer was a killer deal on a 3 unit multi family and it immediately triggered me to ask more. I mentioned that I could help him make the purchase of the property, I ran the numbers, and everything looks tight. Solid return, I believe. We’ve talked a few times about it and the last time we talked I mentioned the deal

And tried to break down the numbers. He immediately said “ you get to sit back and collect and I do all the work?” I mentioned that since I was putting up cash he would

Have to manage the property. The deal

Works out with him living for free. Saving 850/month. 1100 if you include the deal

He already gets. In that case his return would be greater than mine and I put up the cash to get it but my monthly CF is also 850. Seems like a solid deal to me, I just need him to understand the deal but we are 3k miles apart so the communication and physical evidence of this deal potentially working on paper makes it tough. Just expressing some thoughts on this potential deal and curious how others would

Move forward to produce a win/win end result. Thanks for reading!