All Forum Posts by: Michael Austin

@Kenneth Garrett many thanks!

Extremely helpful @Kenneth Garrett

Have you ever encountered challenges with this list of responsibilities? 

Hello BP family!  Happy New Year!

I'm hoping to get some examples of successful (or not so successful) partnership strategies you have loved or regretted, with either single family buy and holds (BRRRR's), or flips. I am still looking to land my first deal, and i have recently approached a close friend that is looking to get a property via HML. We've talked and both see how partnering could be mutually beneficial.

We shake out like this:  I have more cash than time, and he has time and credit, less liquid, and some experience

I've heard and read about everything from equity stakes, to flat percentages, to 50/50 splits.  

I think the crux of my concern is that i would prefer to buy and hold and repeat, but I get the impression he and his wife are concerned about being able to make a clean/concise split at the end of the "sale" which would require a flip.  I'm not opposed to a flip, but I like the idea of residual income.  A flip could be an eventual means to that end, who knows.

Back to my original request - how are your partnerships structured?  The good, the bad, and the ugly

Thank you in advance, Mike

"It isn't the mountains ahead to climb that wear you out; it's the pebble in your shoe." - Muhammad Ali 

@Nick Murray Welcome to BP.  As a fellow Newbie, the Meetup app has been fantastic for networking.  Best of luck

Welcome @Greg McClellan from a fellow newbie.  I found  BP a few months ago and have already met some great people.  Good Luck!!

@Jarrod Covey @Account Closed 

Thank you all.  

@Brandon L.

Much appreciated!!  I’ll be digging into these today. 

@Eric Giovannucci

Thank you for the invite. I was going to post and ask about any REIAs or meet ups in the area. I checked the board and the closest one is in VA Beach so far, but I'm not opposed to making that trip. We can certainly grab a coffee, my treat.