Читать книгу The Intelligent REIT Investor Guide - Brad Thomas - Страница 26

To solve those problems, some more entrepreneurial types trend toward private partnerships with 2, 10, or 20 partners: however many they see fit. They then delegate the tasks of property leasing and management, either to a general partner or an outside company. That comes at a price, of course. Plus, most private partnerships own only one or a few properties, once again rendering them something less than diversified.

Liquidity, meanwhile, may depend on the financial strength or solvency of the other investors involved. Although it's theoretically possible for one partner to sell his or her interest to another, that option comes with numerous potential problems. Conflicts of interest often abound between the general and limited partners with regard to such things as compensation, selling, and refinancing. And there's always the question of personal liability if the partnership experiences financial difficulties.

These private partnerships can be good investments at times under the right conditions with the right partners. But they still don't stand up to REITs more often than not.