Posted by WAREIA on September 15, 2009 at 11:31:50:
There is never a need for a “Partnership”, in my opinion, if you use a Land Trust. As Co-Beneficiaries of a Land Trust, you are not Partners and do not have to be responsible to each other or for each others funds or profits. All your profits and responsibilities are spelled out in the Beneficiary Agreement. Profits are distributed only through escrow so no one can dupe the other.
Just my .02.
partnerships-do they work? - Posted by janelle
Posted by janelle on September 15, 2009 at 02:01:28:
Hi I found a property in so cal for less than 40,000. I have access to funds easily so that is no problem. The house needs major work-bathrooms 2, and kitchen and pool. I wanted to keep as an investment after repairs-I can do some work but not all and it is a long drive but at the price and even after fix up there will be income every month for a manager and profit. I wanted to find someone to partner up with. I am female so I know it will be difficult since I dont see many at the investor clubs in the IE so cal area which is where I live. The orange county and los angeles meetings usually have mostly local people that live in those areas so it is way too far for them. Has anyone had any good or bad experiences and if possible, could you give some advice on what they would do or not do differently. I will be in escrow soon but not sure if I will complete if I may not be able to share responibility. Thanks so much in advance.