All Forum Posts by: DeMarcus Washington

My goal is to create residual income and long term wealth. The salary I proposed is more than my income (which is extremely low to begin with). That salary would be my savings spread over a year. I make enough to get by. I have no properties. My plan is to fix and flip until I can purchase a multi and then BRRRR.

I am about to begin investing and have 1-3 other people who I am considering partnering with. My question is how could we form a beneficial partnership? The only way I can think of is to invest capital as ownership % and split profit that way. We could always advise and mentor each other etc but that doesn't warrant profit sharing. Then if I find a deal and the other person finds a deal how then do we split that up? If I put all the hard work you haven't earned an even split. A CPA mentioned having a partnered management company with separate property ownership companies. I plan on outsourcing most if not all services so I don't see how that would work either. In what way could 2-4 individuals form a REI investing ckmonay and give an equal amount of work in order to split profits evenly?

I'm a full time student and school is my priority. I also have to work full time in order to make ends meet. I need to create time to be successful in REI however the only time I can take from is work. So my question is should I pay myself a (small salary -$30k) to replace my income in order to devote more time to REI? I'm aware it could slow progression due to some profits not being reinvested in the business however, I feel my progress would be even slower trying to school full time, work full time, be a responsible adult, and invest in real estate. My plan would be to replace my salary with residual income ASAP.

https://www.biggerpockets.com/forums/12/topics/389...

Hopefully that helps. 

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@Miki S. Sounds great! I look forwarded to speaking with you!

@Gunter Freystaetter The wildfires haven't affected your land?

@Zachary C. @Patti Robertson @Kevin Siedlecki You all are AMAZING! I've heard of investors/landlords being afraid to rent to Section 8. Whether from common sense or growing up welfare I know how...much of an asset Section 8 can be. At this point my only question is will the HUD and your (Patti) PDF throughly explain the process? What to do, how to do it, when to do it, who to report it to, and what will justify a higher rent?

@George Despotopoulos Thags great advice as well. My one question, of course, is do you know if any hard/private money lenders I could form that partnership with?