Should You Partner Up In A Real Estate Deal

"You can go fast alone, but far together." I'm not sure who said it, but I always mention this quote when thinking about partnering with someone. 

Partnering in a real estate deal can be a great way to invest in property without having to come up with the entire purchase price on your own. When partnering in a real estate deal, there are several things to consider:

-Define the terms of the partnership: This should include the percentage of ownership for each partner, the responsibilities of each partner, and how profits will be divided.

-Perform due diligence: Both partners should thoroughly research the property and the surrounding area to ensure it is a sound investment.

-Obtain financing: The partners should decide how the purchase price and any renovation costs will be financed.

-Draft a legal agreement: A legal agreement should be drawn up to protect the interests of both partners. This should be done by a lawyer who specializes in real estate.

-Communicate: clear and open communication is key to the success of the partnership.

-Have an Exit strategy: It is important to plan for how the partnership will end, whether it be through a sale of the property or dissolution of the partnership.

It's important for both partners to fully trust and have a good working relationship with each other, and to have a shared vision and goals for the property. It's also a good idea to consult a real estate attorney and a real estate agent to ensure that the partnership is structured in a way that is legally sound and financially viable.