82: Rookie Reply: How To Split Finances in a Partnership/Joint Venture

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 29 May 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week’s question comes from Jimmy on the Real Estate Rookie Facebook Group. Jimmy is asking a couple of great questions about those in partnerships going in on a property: 1. How do we split the cost of buying a property 50/50 and keep the funds in one place? 2. How would it work right now as 50% of the money is with him and 50% of the money is with me? Many real estate investors will come across the same question that Jimmy has, especially since partnerships and joint ventures are common as you grow your portfolio. Both Ashley and Tony have partnerships and answers to these questions! Here are some suggestions: Lay out how the responsibilities, costs, and profits will be split Use an attorney to draft up an operating agreement or joint venture agreement Set up a new joint bank account for each property you acquire Make sure your assets are liquid before committing funds to a partnership Follow “seasoning” regulations for any money put into the joint account And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Check the full show notes here: https://www.biggerpockets.com/rookie82 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 82.
0:07.4	My name is Ashley Care and I am here with my co-host Tony Robinson and we are back for another
0:13.0	rookie reply. I sure do love these Saturday episodes. Actually, I like when we get a little bit
0:18.2	of a loan time, we can just talk shop and kind of dive deep into one of these questions that the
0:22.2	rickies have. And even though the episodes only run around 10 minutes, we actually spend an hour
0:28.3	recording them because we end up just talking about real estate investing for half an hour before
0:33.4	half an hour after. This is our chance to catch up and make sure we're on the same page with each other.
0:39.6	Yeah, so do you want to go ahead and read us this week's question. It is pulled from Facebook and
0:44.5	from Jimmy Lou. All right, I know we're all excited to get started, but let's take a quick break
0:48.8	before we dive into today's episode. Are current interest rates making you depressed about cash flow?
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