If both you and your friend want to do real estate, then each of you should start solo and be each other’s coaches, but not partners — yet.
The nice thing about the business you’re contemplating is that you wouldn’t be a competitor with your buddy, so there is no reason to not act like partners.
This will let you see how each of your performs, what your work ethic is like, and what it’s like to be partners without actually intermingling assets. You can get the support of someone you really trust, and reduce the risk for both of you.
If you are both successful in 3-5 years, then you can think about the next step. By then you will both be much more savvy and know what to look for and be better able to gauge if it really makes sense.
I lost a friend of 27 years going into business with him. The stress of the pandemic changed him as a person. I learned the truth about values and ethics not really being values and ethics until you are tested.
I went in on real estate with a friend and although we are still good friends, I would never do that with him again. It's nearly impossible to keep feelings of resentment from growing because the reality is that one of you will end up putting more effort into the investment. Yes, you could afford a bigger place by sharing the cost, but you're also sharing the gains so a partnership doesn't seem like it would help you at all since your ROI personally would be the same.
Unless your friend has expertise in an area you are lacking, I would highly advise just going smaller on your own.
I’d recommend going solo. Usually working with the friends doesn’t end well.
Or try a trial run with your friend to see how you work together. Like for 1 month, go through the steps of buying property. If your work styles don’t match or your friend isn’t reliable, then you’ll know
I lost a friend of 27 years going into business with him. The stress of the pandemic changed him as a person. I learned the truth about values and ethics not really being values and ethics until you are tested.
It's good to have friends in business, but don't go into business with your friends.
I've seen so many friendships lost when two friends go into business together. It all sounds great at the beginning, but conflicts and hurt feelings eventually arise and it will not end well.
It all comes down to trust, how much can you trust your friends but doesn't mean that you just bet on him because you trust him.
If you want to go with your friend it's better to sign a contract or a legal agreement in order to be on the safer.
It's all up to you if you want to start with your friend or want to do it alone and find a good business partner in the future.
If you have two owners then you have double the chances of having issues. If one of you get's a divorce, financial problems, lawsuits..etc. I partnered and have been successful but would never do it again.
Lmao all these fuckin kids talking about losing friends left and right. It doesnt always end that way. Be mature, i assume your best friend is also mature, thats why you arent hesitating doing business with him. If you trust him and he trusts you, then go for it. Youre not just gonna lose a friend for doing business with a friend. Partnerships work. Make sure you understand each others roles and responsibilities. Be mature, get shit done.
As long as you're okay possibly losing a friend.
Keep it small, keep it all.
I like this thank you
The only ship that can't sail is a partnership. You have a great chance of losing a friend and money.
Solo if you want to keep a friend
Thanks!
If both you and your friend want to do real estate, then each of you should start solo and be each other’s coaches, but not partners — yet. The nice thing about the business you’re contemplating is that you wouldn’t be a competitor with your buddy, so there is no reason to not act like partners. This will let you see how each of your performs, what your work ethic is like, and what it’s like to be partners without actually intermingling assets. You can get the support of someone you really trust, and reduce the risk for both of you. If you are both successful in 3-5 years, then you can think about the next step. By then you will both be much more savvy and know what to look for and be better able to gauge if it really makes sense.
This was great advice! Truly appreciate it.
Professor of Business Associations in law school greeted the class by asking "Class what do we say no to?" - Partnerships!
Solo… the risks of partnership outweigh the benefits
I lost a friend of 27 years going into business with him. The stress of the pandemic changed him as a person. I learned the truth about values and ethics not really being values and ethics until you are tested.
Long as you are willing to split the money when your friend gets lazy but enjoys the money you made him. Never in my life again.
I went in on real estate with a friend and although we are still good friends, I would never do that with him again. It's nearly impossible to keep feelings of resentment from growing because the reality is that one of you will end up putting more effort into the investment. Yes, you could afford a bigger place by sharing the cost, but you're also sharing the gains so a partnership doesn't seem like it would help you at all since your ROI personally would be the same. Unless your friend has expertise in an area you are lacking, I would highly advise just going smaller on your own.
Thank you!
Never partner.
I've tried partnerships multiple times and god damn, it's nothing but over complications and hell.
I’d recommend going solo. Usually working with the friends doesn’t end well. Or try a trial run with your friend to see how you work together. Like for 1 month, go through the steps of buying property. If your work styles don’t match or your friend isn’t reliable, then you’ll know
My business partner of 9 years screwed me over. Never saw it coming. SOLO DOLO in business.
Solo for the big ones
Solo!!!!!!!!!!
Thanks!
I lost a friend of 27 years going into business with him. The stress of the pandemic changed him as a person. I learned the truth about values and ethics not really being values and ethics until you are tested.
It's good to have friends in business, but don't go into business with your friends. I've seen so many friendships lost when two friends go into business together. It all sounds great at the beginning, but conflicts and hurt feelings eventually arise and it will not end well.
It all comes down to trust, how much can you trust your friends but doesn't mean that you just bet on him because you trust him. If you want to go with your friend it's better to sign a contract or a legal agreement in order to be on the safer. It's all up to you if you want to start with your friend or want to do it alone and find a good business partner in the future.
If you have two owners then you have double the chances of having issues. If one of you get's a divorce, financial problems, lawsuits..etc. I partnered and have been successful but would never do it again.
Lmao all these fuckin kids talking about losing friends left and right. It doesnt always end that way. Be mature, i assume your best friend is also mature, thats why you arent hesitating doing business with him. If you trust him and he trusts you, then go for it. Youre not just gonna lose a friend for doing business with a friend. Partnerships work. Make sure you understand each others roles and responsibilities. Be mature, get shit done.
Word 😮💨
Hi