What You Should Know Before Taking on an Investment Partner

Steelbridge Realty LLC

Investing can be a great way to build wealth. Investing in real estate specifically is an effective way to gain financial freedom over time. For some people, however, getting started as a real estate investor can be tough. Taking on an investment partner can help, but choosing your partner isn’t something to be done lightly.

What You Should Know Before Taking on an Investment Partner: Find Complementary Skills

The nature of life is such that everyone has different skills, competencies, and knowledge. As much as you might wish it, you don’t know everything. But then, neither does anyone else. It’s this very fact that can make an investment partnership so beneficial. According to Money Task Force, one of the things you should look for in an investment partner is a skill set that works well with your own but also fills in the gaps in yours. Ideally, you both have something unique that you bring to the table so that everyone has something to offer.

Structure Your Business Properly

Because real estate investing is a business, one of the things you’ll need to take into account before taking on an investment partner is how your business is structured. Different structures mean different things for businesses, especially in terms of how they are taxed. Structuring your business as an LLC can give you and your partner some leeway in terms of taxes since the LLC itself isn’t taxed directly. Additionally, according to Freeman Lovell, an LLC lets you add an infinite number of partners. That can be a real advantage if you want to add more partners.

What You Should Know Before Taking on an Investment Partner: Friends Don’t Always Make Good Partners

It can be tempting to go into a partnership with a friend. You get along well, after all, and you already know each other. Sounds great, right? As it turns out, that’s exactly what can make it a problem. If things go wrong, it can not only cause problems for the partnership but the friendship as well. Things tend to get more strained when money is involved. You can still do it, but according to My Banktracker, you should carefully consider the risks involved when investing with family or friends and whether they’re worth it.

 

The person you partner with can have a significant impact on the results of your investment. Ideally, your skills should complement one another, and you should structure your business with your partnership in mind. You need to be able to get along with one another, but keep in mind that friends don’t always make good partners. Carefully consider your options and make sure you choose your partner with your investments and goals foremost in your mind.

 

Read this next: 3 Ways to Keep Your Investment Property Safe

 Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

 



 

$5,600,000
Single Family Home For Sale
Pending
5
BEDS
6
TOTAL BATHS
7,000
SQFT
3336 West Riverside Dr
Fort Myers, FL 33901
Riverside Subdivision
New Listing - a week online
$1,795,000
Land For Sale
Active
0.4175
ACRES
LEE
COUNTY
3508 Stuart Ct
Fort Myers, FL 33901
York Manor Subdivision
$5,800,000
Land For Sale
Active
1.3945
ACRES
LEE
COUNTY
1215 & 1233 Braman Ave
Fort Myers, FL 33901
Fort Myers Subdivision
$15,950,000
Single Family Home For Sale
Active
4
BEDS
9
TOTAL BATHS
10,033
SQFT
1240 Coconut Dr
Fort Myers, FL 33901
Palm Gardens Subdivision
New Listing - 2 weeks online
$890,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
3,467
SQFT
1249 Osceola Dr
Fort Myers, FL 33901
Riverside Subdivision
$750,000
Single Family Home For Sale
Pending With Contingencies
4
BEDS
2
TOTAL BATHS
2,173
SQFT
1250 Braman Ave
Fort Myers, FL 33901
Becklers Riverside Add Subdivision
$2,450,000
Single Family Home For Sale
Pending With Contingencies
3
BEDS
4
TOTAL BATHS
3,138
SQFT
1209 Coconut Dr
Fort Myers, FL 33901
Fort Myers Subdivision
New Listing - 2 weeks online
$1,595,000
Single Family Home For Sale
Active
4
BEDS
5
TOTAL BATHS
3,848
SQFT
1266 Gasparilla Dr
Fort Myers, FL 33901
York Manor Subdivision
Price Change - 17 hours ago
$620,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,503
SQFT
1362 Braman Avenue
Fort Myers, FL 33901
Becklers Riverside Add Subdivision
$1,995,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
4,684
SQFT
3232 Mcgregor Blvd
Fort Myers, FL 33901
Riverside Subdivision
New Listing - 3 days online
$1,377,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
3,589
SQFT
1344 Shadow Ln
Fort Myers, FL 33901
Country Club Estates Subdivision
$475,000
Single Family Home For Sale
Pending
4
BEDS
2
TOTAL BATHS
2,542
SQFT
1377 Coconut Dr
Fort Myers, FL 33901
Palm Gardens Subdivision
Price Change - 3 days ago
$650,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
1,950
SQFT
1250 Sunbury Dr
Fort Myers, FL 33901
La Chelle Manor Subdivision
$6,000,000
Single Family Home For Sale
Active
5
BEDS
5
TOTAL BATHS
7,719
SQFT
2844 Valencia Way
Fort Myers, FL 33901
Lynns Add Subdivision
New Listing - 5 hours online
$989,000
Single Family Home For Sale
Active
3
BEDS
3
TOTAL BATHS
2,829
SQFT
1388 Shadow Ln
Fort Myers, FL 33901
Country Club Estates Subdivision
Price Change - 2 weeks ago
$499,000
Single Family Home For Sale
Active
3
BEDS
4
TOTAL BATHS
1,784
SQFT
1414 Alhambra Dr
Fort Myers, FL 33901
Fort Myers Subdivision
New Listing - 3 weeks online
$5,900,000
Single Family Home For Sale
Active
5
BEDS
6
TOTAL BATHS
5,093
SQFT
3914 W Riverside Dr
Fort Myers, FL 33901
Fort Myers Subdivision
Price Change - 4 days ago
$1,385,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
4,848
SQFT
1434 Alhambra Dr
Fort Myers, FL 33901
Palm Gardens Subdivision
New Listing - 4 weeks online
$3,500,000
Single Family Home For Sale
Pending With Contingencies
5
BEDS
6
TOTAL BATHS
3,470
SQFT
3954 W Riverside Dr
Fort Myers, FL 33901
Seminole Estates Subdivision

 

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