All Forum Posts by: Marco Harris II

Thanks @Braulio C.!
I will definitely look into Joint venture agreements templates.

Another issue I am in the dark about is how to break down the level of compensation/return on investment. Say for instance I and a partner both put in half of the purchase price for a property and also split the materials down the middle, but I am doing a majority of the actual work on the property with the partner doing little or no physical work. This situation would obviously not justify them getting half of the profits from the rental. How would you suggest I approach putting a dollar or %age value on the labor that I am doing vs. the labor that they are not doing. Should I just arrange set a percentage return on their investment and stick to that?

Hello,
I am a fairly new investor in Baltimore MD using a cash buy and hold strategy for residential properties. My business partner/mentor and I basically purchase houses between $10-20 thousand fix them up ourselves with the help of a small crew of laborers and then rent them out for between $800-1000/month. The turnaround time for each property is about 4-6 weeks from close to signing the rental contract. My partner has been doing this for over 10 years and is able to buy more than a house per month with or without my help. I on the other hand have only been able to purchase 1 house with his help basically going 1/2 with him on all aspects of the deal from start to finish.

I have recently had a lot of family and friends want to partner/invest/get involved in this strategy. I know the extra cash will definitely help move the ball along faster even if I’m taking in even less of the profit for myself but I have no clue as to how to structure a partnership like this.

Is this type of partnership a good/bad idea in this scenario? Can you recommend any reference material that may help me out? Are there any other finance solutions that you know of that I should look into that would complement this strategy?

Any help/insight would be greatly appreciated.

Thanks.

Marco.

Thanks all for the warm welcome!!

Jawestte, Thanks for the perspective. After seeing how time consuming doing much of the work myself is I definately am prepared to put together and use a team of professionals. Especially now that I have actually done some of the work that I will be contracting out and have a better idea of what the work entails and what a good job looks like.

Hello everyone,
My name is Marco Harris II, I am a research scientist/aspiring real estate investor in Durham NC. I currently own 2 properties, one rental and one rehab that I live in and am about half way through renovating at the same time.
In the last 2 years I have discovered a knack and developed a love for renovating. I have torn down and rebuilt my kitchen from floor to ceiling, replaced a load bearing wall with a 26 foot beam, done painting, plumbing, electric, drywall, and tiling. I can honestly say that loved every minute of it! (aside from sanding joint compound that is.)
My goal is to take these newly acquired skills and knack for working with my hands and expand on my rental property portfolio in a way that will allow me to keep turning the money over and buying more income producing property, I would also like to learn about and get into other avenues of investing i.e. flipping, wholesaling, or anything that will produce cash flow in shorter periods of time. I would love to transition from being a scientist to a full time RE investor.
I have begun to pull some cash together and collect information in make another investment and would like some insight on modes and strategies of investing that would allow reach my goals. I live in a college town flanked by college towns and feel like there is great opportunity here to build my rental empire. I would also like to find a mentor and connect with other RE investors especially but not only in the RDU area.
I look forward to networking with you all and can't wait to get this thing moving!!