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Is it a good idea to buy property with a co-worker?

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Passions

Diamond Member
I work for a defense contractor here in so cal, and a coworker wants to get a 4-plex with me. I'm kind of weary because of the complications down the road. Backstabbing each other, etc etc. Do you think it's a good idea, he really wants to do it cuz we're similar in age, and he knows I have $$$ and the market is good right now. Has anyone done this before???

 
getting into real estate is very good profit but I wouldnt mix business & pleasure it always ends up on a bad note
 
If you do take the plunge ensure you have very thorough legal contracts drawn up so you're covered in the event he tries to screw you over. People do such things all of the time but you do have to have a feel for your future business partner. You're the only one who knows how loyal and dependable he will be.
 
It depends on the person really. But anytime you have a buisness partner you should always spell out in writing and contracts about who has what say and where the money comes from. I have done some small investing with some people I know, and we more or less spelled out that one particular guy has the say in the general repairs, all profit is split four ways (there are three and the "property" is considered one person). all repair and maintenance costs are spent out the the perperty's money and if there are more, it is evenly taken out of all the rest of our pockets. In regards to finance, all of us argreed that noone can have a personal friend do any of the accounting or financing. It really comes down to splitting the costs and payments evenly as well as the workload. You should specifically put in who has to handle what. So really it shifts on if you trust the guy, which you shouldn't, but to whether or not you think he is lazy and won't do his share of the work.
 
Contract and equal sharing of duties/cash....

I'd also form a company/corporation of some sort to make it more legally binding.

Å
 
Originally posted by: alkemyst
Contract and equal sharing of duties/cash....

I'd also form a company/corporation of some sort to make it more legally binding.

Å
Click to expand...

lol how does that make it more legally binding? and how the hell would you form a corporation? i can see maybe an LLC, but even that would be a waste of time.

passions, if you are dumb enough to do this, all you need is a contract with your names and probably a witness or two.
 
Originally posted by: alkemyst
Contract and equal sharing of duties/cash....

I'd also form a company/corporation of some sort to make it more legally binding.

Å
Click to expand...
Exactly.

As long as you take all the proper precautions and walk down the proper avenues, it should be OK. But you must get everything in writing.... especially if he's going to be running the show.

 
Originally posted by: MrDudeMan
Originally posted by: alkemyst
Contract and equal sharing of duties/cash....

I'd also form a company/corporation of some sort to make it more legally binding.

Å
Click to expand...

lol how does that make it more legally binding? and how the hell would you form a corporation? i can see maybe an LLC, but even that would be a waste of time.

passions, if you are dumb enough to do this, all you need is a contract with your names and probably a witness or two.
Click to expand...

You really need to stop trying to disagree with me just to disagree....it makes you look like a dumbass...which may be the way the cards got laid out for you in life. Fortunately there are Special Olympics though.

You admitted in another thread you were a clueless 18 year old which you just proved with the corporation is impossible response. Go get educated, please.

rolleye.gif


Å
 
Originally posted by: alkemyst
Originally posted by: MrDudeMan
Originally posted by: alkemyst
Contract and equal sharing of duties/cash....

I'd also form a company/corporation of some sort to make it more legally binding.

Å
Click to expand...

lol how does that make it more legally binding? and how the hell would you form a corporation? i can see maybe an LLC, but even that would be a waste of time.

passions, if you are dumb enough to do this, all you need is a contract with your names and probably a witness or two.
Click to expand...

You really need to stop trying to disagree with me just to disagree....it makes you look like a dumbass...which may be the way the cards got laid out for you in life. Fortunately there are Special Olympics though.

You admitted in another thread you were a clueless 18 year old which you just proved with the corporation is impossible response. Go get educated, please.

rolleye.gif


Å
Click to expand...


here we go again. i guess i cant even reply to your comments and disagree without being called an idiotic 18 year old (which i never said, but thanks for twisting my words around (big surprise)). may i remind you this is a discussion forum, and you have again proved your insecurity by attacking me simply because i disagreed with you. say whatever you want about me, im not going to reply to your ignorant flamebait anymore.

p.s. calling me stupid because of my age further proves how even older people can be extremely immature at times
 
I think it would be an unbelievably bad idea. Better idea would be to buy the condo/multiplex yourself and set up a formal rental agreement with the other party.
 
Originally posted by: MrDudeMan


here we go again. i guess i cant even reply to your comments and disagree without being called an idiotic 18 year old (which i never said, but thanks for twisting my words around (big surprise)). may i remind you this is a discussion forum, and you have again proved your insecurity by attacking me simply because i disagreed with you. say whatever you want about me, im not going to reply to your ignorant flamebait anymore.

p.s. calling me stupid because of my age further proves how even older people can be extremely immature at times
Click to expand...

You didn't just *reply*...saying lol and 'how in the hell?' when you aren't even aware is ignorance and the initial 'flaming' here. It is you that is the problem now....like I said in reply to you in yet another thread, if I am wrong I will admit it, but saying 'that's wrong, I don't know why but it just is' is not doing anything for anyone. You are simply trying to say I disagree with everything, which is not true at all....you only are looking at a small area of reference which you are involved (and also wrong)....if you look at all of my posts there are many that provide indepth and accurate answers.

I realize this is a discussion forum, and I never told you not to reply, nor did I run to Forum Issues and cry 'TheDoodMan' needs to be banned for not agreeing with me......this is the action of someone that thinks forums are a synonym for 'monologue'.

So you are saying 1) I am wrong about your being 18? 2) You cannot form a corporation as two people and 3) you are not an idiot?

As far as immaturity take a look in the mirror, your reply to mind sealed the deal for your stupidity in attempting to prove me wrong with each and every post on topics you have no understanding on.

Å

 
You do not want to start buying things with 'friends'...if you make up a company to do this you are just as secure as any other real estate company/corporation.

It's not as simple as just incorporating / becoming an LLC...you will *have* to have rules and regulations and a method to resolve disputes. It's not simple by any means, but a necessary part when in a partnership....too many leave too much *trust* on the table, once the money starts rolling in or starts needing to be spent, friends want to cash out and jump ship many times and get that new car or avoid having to pay to make money.

Partnerships are how many of today's big corporations started, just two or a few people trying to launch an idea or sharing resources to make money together.

They sometimes have business workshops that are free/low cost that will provide many answers...check with the county (or public schools in your area for 'Adult Education' classes) and local colleges.

Å
 
if you decide to proceed with this..make sure u have a place to dump the body and a plan to get away with it and not get caught...

because some arguments will sem easier to resolve this way...especially if your both hard headed or like to get you ways..
 
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