This week’s question comes from Jimmy) on the Real Estate Rookie Facebook Group. **Jimmy **is asking a couple of great questions about those in partnerships going in on a property:
**1. How do we split the cost of buying a property 50/50 and keep the funds in one place? **
**2. How would it work right now as 50% of the money is with him and 50% of the money is with me? **
Many real estate investors will come across the same question that Jimmy has, especially since partnerships)** and joint ventures are common as you grow your portfolio**. Both Ashley and Tony have partnerships and answers to these questions!
Here are some suggestions:
Lay out how the responsibilities, costs, and profits will be split
Use an attorney to draft up an** operating agreement or joint venture agreement) **
Set up a new **joint bank account **for each property you acquire
Make sure your assets are liquid before committing funds to a partnership
Follow “seasoning” regulations for any money put into the joint account
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group)! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Check the full show notes here: https://www.biggerpockets.com/rookie82
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