Going into business with a friend is not a bad idea but the most important thing is can you trust your friend because one thing that destroy friendship mostly is money issues, it depends on how well you know your friend before going into business with him
Investing in real estate business with a friend, is that a good or not?
- Thread starter Ralphjoe
- Start date
It depends on the character of my friend. If my friend can be trusted then you can decide to buy the property with your friend. Because here in our country there are cases that a friend betrayed by a friend because of property.
If you think that this your friend you intend to buy the plot of land with is a reasonable person to do such joint purchase with, and will not give you problems after both of you might have bought this land, then it's okay to go ahead with him to purchase the plot
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Not all partnerships turned out to be bad choice of investment though and going into a real estate one with a friend then lots of considerations would have been put in place definitely
- Thread starter
- #65
I make sure that I always get trustworthy loyal and caring friends that I can actually do anything with in fact this kind of friends are the kind of friend that I can trust with my life based on how trustworthy I have found them to be.
Going into business with a friend is a good idea you can share costs and expenses ,your plans will move faster and you will have more money and spend it while you are still young .
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I can partner in some other businesses but certainly not real estate. I don't want to own shared partnership properties because it will result in conflict.
CAGE55
New member
I think it's not a good option to do bussiness with your friend may be in future you come across many complication .Its better to arrange money by your own
and start something..
and start something..
it depends on the kind of the friend,some friends are not to be trusted while some are meant to be ,but for me I don't see anything wrong with venturering into a business with a friend
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When it comes to landed properties,it's best you do it on your own,I have seen brothers that fight for trival issues like this,to avoid problem it should be individual decision.
It is all a matter of trust.
If you know the friend you are referring to is not reliable or trustworthy, you should not take that leap.
If otherwise, go into the investment and see how it goes.
There is nothing wrong in going into parnership with a friend,provided the friend is trustworthy and there is a written agreement concerning the ownership of the property,there is nothing wrong in it.
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- Thread starter
- #73
I couldn't agree more on this with you but my initial concern where's that entering into a partnership with someone to purchase a property can be quite dicey as there always be grey areas in such kind of partnership that even agreement cannot cover.
Well if you Re going to be teaming up with your friend it will be better to have your documents done separately and with concrete witnesses to back up your documents.
Well in that case since you have these concerns you better not proceed,because there are some partnership that you better don't enter than when you are in it will be difficult to pull out.
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I totally agree, and apart from trust, you also have to look at how your personalities could work together. For example, I have friends I consider close friends that I would never start a business with, because I don't always agree with how they make decisions, and that could lead to a lot of conflicts.
If you have the opportunity of partnering with a friend who can contribute resources to the business, then why not grab it?
You can purchase a property together, sell it and share the profit.
Real estate is like every other business with its attendant risk. So investing with a friend you have to take the necessary precautions to know the kind of person he is, how trustworthy he is to partner with.
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Their is nothing bad with agreeing with your friend to team up together and buy a piece of land you saw in a good position, that you like. To ensure no misunderstandings tomorrow, you got to divide the land into two. By utilizing a land survey that will help you people to survey the land and bring out equal share of the land.
The Bottom Line
Buying a house with a friend has a lot of benefits. It may be easier to qualify for a mortgage and you get to share all the monthly expenses, including utilities, maintenance or repair costs, and the mortgage payment. And unlike renting, you get to build equity as you pay down the loan.
Buying a house with a friend has a lot of benefits. It may be easier to qualify for a mortgage and you get to share all the monthly expenses, including utilities, maintenance or repair costs, and the mortgage payment. And unlike renting, you get to build equity as you pay down the loan.
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