Is it a good idea to invest with a friend in a partnership? And if so, what kinds of safeguards should you put in place to protect yourself? That’s the first question I’m answering on this Q&A episode of Investing in Real Estate!
On today’s show, I’m taking three of your thoughtful questions on starting partnerships, renting your own investment property, and closing timeframes. There’s a lot to unpack in these questions, I hope you enjoy hearing my answers.
On this episode you’ll learn:
- How to decide if you should invest in a partnership with a friend.
- Whether or not you can rent from your own portfolio.
- What the time frame is to close on a Morris Invest property.
How to Decide If You Should Invest in a Partnership with a Friend
Partnering with a friend is a decision you won’t want to take lightly. It can yield incredible results, or it can break your relationship. Be very cautious, and be sure to write out contracts with a lawyer. We have a podcast episode from a few years ago on 3 tips for making a partnership work.
Whether Or Not You Can Rent From Your Own Portfolio
The quick answer is no. The IRS will not allow you to personally rent from your own portfolio. However, there are a few ways that you can put your home into an LLC, but this is something you should consult a real estate lawyer for. Check out the team at Corporate Direct and read Garrett Sutton’s book, Loopholes of Real Estate.
What the Time Frame Is to Close on a Morris Invest Property
This totally depends! Because we have so many different programs, the property type will vary based on your financing and program. Some of our properties can close quickly (within 30 days or so), while others might have to wait on construction, tenant placement, financing, etc. If you want a more specific answer, I’d suggest booking a free call so we can create a tailored strategy for you.
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EP397: Three Tips for Investing with a Partner
Loopholes of Real Estate
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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