First Property - Michigan

[Michael McIntosh]

Hi all! I'm currently seeking out my first property in the Lake Orion/Rochester area of Michigan and don't have any experience in real estate. I have some liquidity, but not quite enough for a 20% down payment on a decent SFR.

My wife and I bought our first home earlier this year, but she feels more comfortable partnering with a friend whom also has no experience. I am debating if we should work with him. Has anybody had a similar dilemma? If so, what was the outcome?

If I could find a deal I know made sense, I could easily get the 20% down payment. Just looking for a little guidance. Thank you!

[Dylan Tanaka]

Michael McIntosh

Partnerships are like marriages. Make sure you begin it with a clearly defined end in mind.

Will it go on forever?

Is it only got this property?

Is it an exclusive arrangement?

In my many years of experience I've only send a handful of partnerships withstand the test of time.

Now after all that being said, there's many positives to working with a partner(s);
-accountability
-dividing responsibilities
-learning curve shortened
-amazing synergy if you have different skill sets

Learn as much as you can from BP and get out and meet others who are doing what you want to do.

Welcome to the business!