All Forum Posts by: Timothy Cervantes

Hitching the wagon on to this thread for educational purposes.  

 Love this Joseph.

Great thread, congrats on your big WIN!  Curious about the eviction, have made any progress on that front?

From what I'm hearing with my business ears (not REI ears because I'm a new Investor) it sounds as though he WANTS you but you don't NEED him. I'd say you're in the driver seat. I would structure any planned business in your favor based on you doing most of the RE work. If he understands business, he'll understand your proposal. Doing business with friends can be nice, it can also be a nightmare.

I have been on the other side of ventures like these but not in real estate with family. Keeping it "strictly business" from the outset has definitely saved me a lot of heartache. I'd say do a couple of deals where you both are comfortable with it being well known to each party that these are "test drives" with clear and "fair" terms for each. If they turn out as hoped, pursue the LLC route @Account Closed  suggested.

If it doesn't turn out as hoped, you can walk away feeling good and maybe give it another run down the road.  Final suggestion would be to give a little if you REALLY want this to work and/or if you'd potentially need his capital down the road.  Don't burn that bridge but don't give away your hard work if you don't need the capital.

Congrats, looks great!

Good info here, tagging along for the responses.

Very interested in seeing how this turns out.  Pulling for ya!

@Bill Gulley  - Message inbound!  Thank you for the offer on $aving me guru bucks!

@Enrique Huerta - Welcome to BP! What do see as an advantage to being licensed vs. possessing the knowledge of a licensed realtor for those starting out? MLS access?

@Bill Gulley  - Where did you start your education (formal or otherwise)?  I'm definitely soaking up the free content (stopped reading to post a reply) on BP and browsing the local library.  "I never let school get in the way of education" is one of my favorite quotes although I put a high value on formal education.