Newby with a couple questions

[Joey Collins]

Hi everyone My name is Joey I'm from Herriman Utah and I have zero experience investing besides buying my own homes, but I'm very excited for the process of investing. So question one is my dad wants to go in on an investment property with me what would be a fair and good contract for us to structure around? We will probably go in 50/50 for the down payment, and I'll do all the managing for now to get the experience. I'm a little sketched out about doing business with fam but if you could share a successful contract that was good for both parties that would be great. Another question is I'm looking to get my real estate license does anyone recommend for or against it, and if you do recommend getting it where should I get it from!? Thanks for all the help in advance!

[Brandon L.]

@Joey Collins welcome to BP this is a great place to learn the basics. As to your first question, I would never do business with family, but I realize some use family as a source of capital. Make sure you have a bulletproof place to acquire a property at the right price, a plan to manage the project after closing, and multiple exit strategies that will pay back any capital borrowed. Educate family that the project can fail and all money could be lost. Even worse, substantial debt could be owed when things fail.

Second question: getting your license will give you a significant advantage over those not licensed by providing a basic education in real estate.

Good luck with your goals, and feel free to reach out if you need anything :)