Profile picture for koorosh2

Ask our community...

 I am going to be partner in realstate with friend of mine.He has a credit score of
760 and mine is 716. he send me this message! 

Due to your FICO I am buying under my name the issuing the ownership under a partnership with you and me each 50% owner.
I am suggesting we register a General Partnership under M and M  Business.

1. is anything wrong with this picture?
2.is my name is going to be under loan?
3. do i get a tax benefit?
  • April 24 2012 - San Diego
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Answers (4)

Profile picture for sunnyview
You need a lawyer before you agree to anything. Get tax advice and a tight partnership agreement spelling out everything from expense splitting/insurance/repair costs/decisions to sell/how title is held etc. before you buy anything or hand over any money.

Please do not sign any legal partnership agreement without seeing an attorney first. Partnerships involving RE need to be run like a business and not like a friendship. 
  • April 24 2012
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Profile picture for Ofe Polack
Sunnyview is 100% correct, the two of you should meet with a real estate attorney (not a regular attorney) and discuss your options.  Get everything down on paper before signing anything, try to keep the firendship strong by entering into this venture for what it is a business investment.  Good luck to both of you! 
  • April 24 2012
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Profile picture for Ofe Polack
Thought this website may help you understand what your partner meant to tell you in his messagehttp://www.myfico.com/crediteducation/whatsinyourscore.aspx
  • April 24 2012
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Yeah, you better meet with a lawyer and set things up correctly the first time. Keep things honest and clear with your partner! Good luck!
  • May 18 2012
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