All Forum Posts by: Obi Nwapa

Hi Scott,

Great info! While I have yet to decide on entering a partnership I feel that it will become an option at some point in my real estate investing journey.

Absolutely! I haven’t made up my mind about entering a partnership but I’ll definitely hire an attorney to make sure my interests are protected. 

Thanks Chris,

I’m looking to find a generic one just to understand what they may contain. Will definitely use a lawyer when I enter into serious talks about forming a partnership.

Much appreciated,
Obi 

Does anyone know where I can find sample real estate partnership agreements?

For investors who have partnered or are still partnering with other investors for real estate deals:

What type of partnership agreements did you enter?
What type of real estate strategies did you pursue - buy and hold, house flips, house hacking, BRRRR, short or medium term rentals etc?
What was the corporate structure? Did you set up separate LLCs?
What challenges have you faced/do you still face? How were they resolved?
What are the legal and tax implications?
Other than money, what did other partners bring to the table and how were roles allocated?
How do you protect your interests?
Were you ever sued by a partner, by others or did you sue a partner?
When one partner decided to withdraw from the partnership, how was this addressed?
And finally, for partnerships that failed what caused it to fail?

 Thank you Sir,

Much appreciated!

 Thanks Jordan!

I'm reading Rental Property Investing now, very interesting book. I've been learning a lot about real estate investing since joining this community.

I just finished reading "How To Invest In Real Estate by Joshua Dorkin and Brandon Turner". It's an amazing book for aspiring investors like myself and frankly, anybody whether you're a newbie or a veteran. Here's my takeaway:

1. There are multiple pathways to real estate investing - House hacking, buy and hold, flips, BRRRR, wholesaling etc. To be successful, one must figure out which strategy they're most comfortable with, that aligns with their goals, and the one they think they can be most committed to. Once figured out, you need to focus on that strategy and that strategy alone until you become good at it, then you can move on to the next one.

2. You need to find a niche (or a few niches) and hone your skills within that niche.

3. You need to love numbers (no you don't have to be good at math). Fortunately there are multiple calculators within the BiggerPockets community than can help you make an informed decision.

4. You need to network and not be afraid to ask questions.

Thanks Nathan, for the info.

As a new investor myself looking to invest in buy and hold rental properties, the most important thing to me is cash flow after the expenses you outlined. I've heard some say that cash flow isn't that important if you intend to buy and hold because of appreciation but as you pointed out, what if there's an economic downturn that causes the market to plummet. How is that better than leaving that money in the bank with a modest interest rate?

Much appreciated!

A few hundred bucks a month after expenses isn't too bad. The most important thing for me is for the rental income to pay the normal expenses without me having to find that money elsewhere. I intend to buy and hold.