Читать книгу Flipping Houses For Dummies - Ralph R. Roberts - Страница 76

My first real estate investment partner was my grandmother. She put up the money, and I did the rest. We made a deal — every time I sold a house, I had to take her out for lunch. We measured our success in how frequently we had lunch together.

Partnering with friends or family members can be one of the most fulfilling experiences, but when it comes to money, friends and family can be more brutal than bankers, especially if your flip flops. In most cases, I generally discourage investors from taking on a partner, especially family members, but with Granny and me, the partnership turned out to be a rewarding experience for both of us.

Be careful borrowing from friends or family members. A flip that flops can quickly turn family members and friends against one another when money is lost and loans can’t be repaid. Be clear upfront about what’s at stake and the risks involved. Don’t risk losing a close relationship over a real estate deal gone bad.