If you’re considering entering a real estate partnership, what’s the best way to go about it? What types of safeguards should you put in place? That’s the first question I’m answering on this Q&A episode!
On today’s show, I’m taking three of your thoughtful questions on real estate partnerships, building a real estate portfolio from the ground up, and how to decide if you should accept tenants with pets. Join me for episode 761 of Investing in Real Estate to hear my answers to your questions.
On this episode you’ll learn:
- What you need to know about creating a real estate partnership.
- The first step for a brand new investor without funding.
- How to decide if you should allow pets in your rental property.
What You Need to Know About Creating a Real Estate Partnership
Real estate partnerships can be an excellent way to get into the game, but don’t dive in without taking the proper precautions. If you’re looking to work with our company, we have a Partnership Program that can help you lay the necessary groundwork to make sure all of your bases are covered. Here’s a full video on our Partnership Program.
However, if you’re taking the DIY route, be sure to find a great real estate lawyer who can write out some contracts and ensure that your LLC is set up correctly. Also check out my video on what we look for in a real estate market to ensure that you and your partners are investing in the right places.
The First Step for a Brand New Investor without Funding
For an investor who doesn’t have funding, there are a few things to consider. First, you could think about entering into a partnership with someone who has the funding. To get started in real estate you need three things: money, people, and a deal. If you don’t have money, you’ll have to put the other pieces in place to make it happen.
I’d also suggest watching this video on hidden places to find a down payment. You might actually have funds available that you hadn’t considered.
Another tip I’d like to suggest is considering private money lending. Susan Lassiter Lyons has a great book called Getting the Money that is the guidebook to finding private money.
How to Decide If You Should Allow Pets in Your Rental Property
A few years ago, I did a video on why I personally like to allow pets in my rentals. To sum it up, I’m a fan! I like to work with my tenants, I want them to feel at home, and you can often attract a great tenant who wants to stay put for years with their furry friend! However, do talk to your property management team and read over your insurance policies. There may be a few restrictions that apply to your situation.
Ask Me a Question at morrisinvest.com/clayton
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How to Buy Rental Properties with Multiple Investors
Here’s How I Find a Great Rental Market for Investing
5 Hidden Places to Find a Down Payment
Getting the Money by Susan Lassiter Lyons
Should You Rent to People with Pets?
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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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