Buying a property with other people

I would love to have a duplex or triplex, but I’m afraid it’s a big undertaking for one person. What do you think if I went in on it with my brother or best friend or possibly both?

I’m not against people buying with other people.

Just make sure you have everything in writing. You might say, ‘Hey, I want to rent out each unit for $1500’. Your friend says, ‘No, I want to rent out each unit for $1900’. You say, ‘I want to put a steel roof on.

Your friend says, no, I want my buddy to do it for X price. It just gets a lot of people fighting to be honest. You’re each putting 5% down or 10% down. Each has 50% of the business. Make sure if one of you were to pass that you know it is going to your will or automatically to the other person.

You don’t want to be too late by the time you realize that.