Posted by John J. on October 05, 1999 at 19:49:54:
Dave,
I’ve done 50/50 splits in cases where the partner had to come up with a 10% downpayment plus closing costs and put the mortgage in his name. He bought the property and after closing we quit-claimed it to the partnership. (On the offers I always put my name and “or assign”). The insurance is in his name and I am an additional insured. I am like you - find the deals and do all the work. Most of my investor/partners live out of town and one lives overseas. If you need a sample of one of my partnership agreements, then e-mail me your fax number or address.
I have a question about partnerships, I recently came across a no money down deal, but because I am just starting a new career and work for my self, I don’t feel like the owner would accept my offer without some backing. I have asked a friend to be a my partner in this venture, no money is needed accept maybe closing costs, what should I offer the partner, he has a steady income and will put up most of the money, I found the deal and will negotiate it, and will maintain the rental property. What would be an fair split? And anything else I should know before forming a partnership? Any suggestions will be appreciated, Thanks. Dave