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What It's About
Today's caller wants to know if it's wise to invest with friends.
Notes from Chris
Episode 1897
If you want to get into rental properties, does it ever make sense to do it with a group of friends? If you wanted to try it, what potential pitfalls would you hope to avoid?"I'd like to buy my first rental property, but with a twist: I want to invest with several friends, so that we all own shares. We think this will decrease our individual exposure while also allowing us to buy a bigger property, or maybe even a multi-unit property. What could go wrong?? Just kidding; I know a lot of things could go wrong, so that's why I'm asking. If we make sure we're in agreement on the important parts of the partnership, especially how we make decisions regarding renters and maintenance, and we get this all spelled out properly in a contract, do you think that mitigates the potential problems? And do you know of anyone who's done this successfully ... without it turning into something that ends up being featured on Failure Friday?"Listen to today's episode to learn more...
SEE ALSO:
- Remote Airbnb Host Automates Rental Process: An Australian living in the Caribbean uses software to manage Airbnb property rentals from 10,000 miles away.
- Nomadic Couple Starts Vintage Camper Rental Biz: This couple combines their love for travel and vintage campers into a unique rental experience.
- Accountant Shifts Gears To Renting Out Cars: When an Atlanta accountant discovers the sharing economy, he wheels and deals his way to owning an entire fleet of cars.
