Question:
“What do you think about investing with a partner?”
Answer:
It can be a great idea to help you invest in something you otherwise couldn’t.
And at the same time, while most partnerships go just fine, I’ve also heard many stories of problems. For example:
- One party doesn’t fulfill their end of the bargain, perhaps regarding improving or keeping up the property.
- One party gets into financial straits and can’t make their portion of the payment.
- One party wants to sell and the other doesn’t.
So be sure it’s with someone you know and trust, AND have an experienced real estate attorney draw up an agreement covering responsibilities, rules for selling the property, etc.
