Newbie first post.Melbourne FL Structuring a deal when partnering

[Brad Fontaine]

Hey investors,

What a fantastic resource. I am new to the game but eager to learn.  I'll start with a short intro on my situation.

My name is Brad Fontaine and I have lived in Melbourne, FL for 8 years now. I work full time for a state agency that doesn't pay well, but is a pretty awesome job (fisheries biologist) and has really good benefits. The low pay prompted me to start a side business in 2012. I build and maintain Koi ponds, Waterfalls, and offer Lake management services as well. I currently own a home that I just refinanced to help pay for a divorce.  I have a lot of equity left, but am afraid the banks view me as overextended.

I'm reading, and listening to the Bigger pockets rental property investing book, and am starting to go to local events, and have met with one investor already. I'm a bit overwhelmed on where to start, but I plan on talking to a few banks and lenders as our field season at work starts to wind down. I owe 153K on a property that's worth 243K and I have a 15 year mortgage. I also like the idea of partnering and could likely convince my parents to help fund a deal, but I wanted to know how people typically go about structuring that deal in this situation. I want it to be a good investment for them, and get their money back relatively quickly.

I look forward to contributing on these forums, and maybe my expertise in lake management, and pond maintenance will be of value to some of you in this group.  Please feel free to reach out any time. I want to immerse myself in the community, soak up everything I can, and build wealth that will allow me to leave my state job in 10 years or less.

[Wendy Vaidic]

Hi @Brad Fontaine & @Kizzy Parks I live and invest in Brevard County as well.  

As far as structuring a partnership, there are all ranges of the spectrum.  With family, I always make sure I'm beating the rate they could get with other investments.  That way, it's a win-win.  I also make sure I can meet the timeline that they'd like to receive their money back in.  Remember, to expect the unexpected and always plan for extra time and extra costs.  If you don't have to pay extra or take longer it's a bonus!  

Good Luck!

Wendy Vaidic