How Do I Actually Create Partnerships!? | Buy & Hold

[Justin Fallas]

Hello All:

 I'm a Realtor in New Jersey, have been in the business for 4 years now and things have really picked up for me within the last year. I learned about BP last summer and became obsessed. I'm 25 years old, and want to start getting serious from an investment side. I just recently purchased a home. ( Duplex with 70K in equity and will give me $1,000 in positive cash flow once I move out - no real strategy honestly, I got real lucky that my Landlord wanted to unload some of his properties and move back to Israel.) It was a hard process and I got the financing by the skin of my teeth and mostly because of how savvy my mortgage broker is, to say the least. That being said I want to start ramping things up and although I'm becoming good at finding deals, my concern is that I dont know how to structure partnerships! From the looks of it getting another deal financed under me will be near to impossible, so how do I actually structure something that will be beneficial to me and who ever it is I work with??

-Just an example of how uneducated I am on the matter, I technically own a house prior to this deal I just bought. My best friend and I wanted to start investing last year, so we had intentions of buying a triplex. Long story short, he does the financing under his name, I'm not on the deed, we didn't form any paper work that states I'm a partner. Its pretty much all verbal. (BTW it was a turnkey property, neither of us brought money into the deal because the mortgage broker was a partner with the investor so they "Did us a favor". Property cash flows positively but not a deal I'm proud of.) So that being said I guess you can say I own two properties??

- So BP community! My brothers and sisters, please advise me on how to create true partnerships, specially for someone like myself who has the intentions of buying and holding. I have educated myself a lot on the BRRRR strategy but now my minor set back is the lack of understanding when it comes to financing with partners since I'm aware this will take me 3-5 times longer to accomplish on my own.

-Thanks in advance for the help!