All Forum Posts by: Mike Drouillard

My best technique is to post a CL post in your desired area.  Set the rent you hope to get and indicate pictures are coming soon.  Describe the house you intend to buy (3/2) and wait and see what responses you get.  I've done this once with good results which led us to our first (and only) purchase. When we ended up purchasing the property and had a real CL post the same interest and traffic was received and we found some great tenants.  

Thank you for your response.  I understand your suggestion.   

Since I am new to this can you or someone offer next steps on finalizing the structure.  

So, if we agree that a fair mgmt fee would be $75 per month how does this translate into a partnership arrangement?

In my mind there are two variables.

1. Paying back the loan asap

2. How to manage the equity or profits above and beyond the monthly payment?

Again, sorry for the beginner questions - I appreciate any advice you can offer.

Hello, I am excited that I found this forum – seem like the perfect place to get some advice!

Here is our situation. I am looking to partner with my daughter to purchase a rental home. We found a good market with a high demand for rentals and they have homes in the $50-$60k range.

My daughter (30 years old) owns one house where they currently live and her husband owns another – this one is a rental property that has been going very well for one year now.

They don’t have terrific income at the moment and have no real savings. What they do offer is that they live in the area we plan to purchase our rental home and will do 100% of the property management. She is familiar with collecting rent, managing repairs and finding suitable tenants.

What my wife and I have is the capital to purchase the home. We intend to use a home equity loan to purchase this home.

So we will handle 100% of the money and she will 100% handle the management.

My question is, how do we structure the partnership considering she will not have any money invested?

Thank you!