All Forum Posts by: Jorge Barboza Jr.

Ok, so I am about to buy a small Apartment Building and am looking to partner with a friend on it. But I have a few questions that I would to get some advice on:

- Does it make sense if I am taking on a partner that we just split the ownership of the home by the percentage of the downpayment each of us put into the deal?

- If the above is true than what is the best way to go about that? Open a LLC and split up ownership that way or do tenant in common?

- If the above is true then how do you decide selling rights? By majority owner? Buy out of either owner possible by majority own approval and price determined by appraisal? 

- Any tips on what documents we need to make this happen? If it is a LLC that is easy enough but if not what docs should we use?

Thank you BP family. This will be my first partnership and first commercial deal so I am open to all other thoughts.

Jorge

#let-the-feedback-begin

Wow! I am in Valencia as well! We should meet up and discuss our strategies.

Hey @Ernesto Barraza, is this property in mexico? How can you purchase if you are not a mexican citizen? 

Hey @Account Closed welcome to the OC and best of luck! We need more and more trustworthy wholesalers. 

First GREAT post @Gina Tavizon! And great feedback from so many people. @Ali Boone always providing get feedback and @Max Gradowitz I actually work my W2 job in bakersfield so I will need to hit you up. 

@Gina Tavizon, I am in a similar situation as you. I didnt have the same learnings early on but am looking to give my local market a try before I decide to go OOS. I do think a National and even Global approach is the best way to build a massive business but I am not even close to that (still only one rental...but looking to get more in 2018). I think you have the right spirit and the great personal learnings from before to MAKE IT! Please keep me in the loop!

Oh man! I wish I lived closer to San Diego, you all sound like a great group of REIs! 

Anyone know of any meet ups in the OC or LA? I would love to jump into those?

Hey @Account Closed welcome to BP! I am not a wholesaler but am always looking to network with some. PM me whenever you want, I am always looking for a deal or people I can help.

Welcome @Katrina Diwa! I know a few good CPAs. In fact, @Katie L. always tend to jump in and provide great advice so you may want to reach out to her and see what she can do for you, especially since she is in your area. 

PM whenever and i can see what I can do to help.

BEST OF LUCK!

Hey @Ralph Naval! Welcome to BP! There is a ton of great material here and it is a great place to network. Please PM me if you have any questions.

@Ali Boone makes a great comment. Make sure you run your numbers well and nice jump with the comment @Ali Boone

@Katie L. thanks for the detail! I am not in the San Diego area but really wish I was haha!