All Forum Posts by: Brian Wobbe

I would like to hear some opinions on partnership agreements from some BP veterans that you have used. Or what agreement you would consider. Two people would like to purchase a rental house. Person A will deal with tenets, renovations and maintenance. Person B will be bringing the money, and would help with renovations and maintenance. I would like to here from people on both sides of the coin. Issues like.... 
How is the income split. 
Who's name goes on the property. 
Who pays for taxes, insurance, maintenance. 
Exit clauses if someone wants out. 
Differences if the house is bought cash or financed. Any information a newbie might need to consider before I jump in would be appreciated.

Do you like the guy? Ask your father in law what he wants to get out of the house. I would think if all he wants is payoff, he would had said so. A lowball offer might make dinner on the holidays awkward.

I would like to here some partnership agreements from some BP veterans. Two people would like to purchase a rental house. One person will deal with tenets, renovations and maintenance. The other person will be bringing the money, and would help with renovations and maintenance. I would like to here from people on both sides of the coin. Issues like.... How is the income split. Who's name goes on the property. Who pays for taxes, insurance, maintenance. Exit clauses if someone wants out. Differences if the house is bought cash or financed. Anything else a newbie might need to consider. I'm getting ready to jump in. I just found this website and its packed full of insight and I'm sure I'm just scratching its potential. Thank you Brian

"Hey baby, you want to get out of here and go back to my shed." Will it be metal, plastic or wood? Sorry, I couldn't resist. Seriously though. Does it have a basement or attached garage you can convert into a studio apartment? If you have means to buy a house, why not live in it. Keep reading BP, save some roommate money, and buy another house if you want to be a landlord.

I have a friend that mentioned buying a house (duplex) to rent. I have the money, he has the time. He seems to be good with handling the tenant end of it if I provided the financial end. The recently renovated house is 15k, located in Detroit, that he planned to fill with section 8 renters. I thought it would be a cheap way to get my feet wet in the rental business, and if it didn't work I could walk away without hurting me financially. I want experience. To him, the extra few hundred dollars a month would be a big help. I want the split to be fair to both of us, so could some of the BP experts chime in on some thoughts I had. 1. If I bought the property and hired a property manager it would cost less than than a 50/50 split would. 2. If he managed to find an investor would it probably cost him less than the 50/50. 3. Should I take a 80/20 split until the initial investment is paid then sign over half the house and then split the expenses 50/50. 4. Looking for passive income. I'm not looking to break even monthly to bank on property appreciation. Don't think it's going to happen. I would be willing to help out with repairs if he escorted me down there. Jury duty is the only thing that gets me down to the city. Any thoughts from sides of the coin, or other ideas would be great.

I am considering purchasing a rental house, but my current business leaves me hardly any time to devote to dealing with renters. Especially being new to the game and not sure what to expect. Reviews that I've seen about property managers haven't been promising. Can I get some pros opinions and maybe some recommendations of some in metro Detroit. 

Thank you.