Hey guys, I’m looking for some advice on an investment opportunity with two close friends. We’re planning to pool together $25k each (so $75k total) to buy a property as an investment, setting it up through an LLC for organization and protection. We’re all really excited, but we want to make sure we’re doing this right and keeping our friendship intact. Any advice or stories from those who’ve done something similar would be greatly appreciated! Thanks in advance!
I did this when I was 24. Lost a lot and we don’t talk anymore, but I own 5 properties now at 29. Good luck! Just make sure everything is in writing!
Is it going to be a flip or a rental? How much do you expect to cash flow each month? Just be aware it’s a lot of work for possibly not as much return.
Define specific roles and responsibilities. Decide on handling emergency expenses and if you’re hiring a property manager. It’ll save you a lot of headaches later!
Doing this as an investment might not be the best idea. But if it’s recreational property, just be clear about responsibilities and ongoing expenses.
Honestly, sounds like not a great idea, mate.