Following proven strategies to invest in real estate has the potential to build significant wealth and provide you with a reliable income stream through your retirement. However, there are limits to what you can achieve alone, so many investors turn to partners to strengthen areas of weakness. Perhaps you have the financial backing but need someone with the time to manage the property, or you will all share the work and the expenses. No matter how you arrange your partnership, there is strength in numbers. You can achieve more by partnering with friends and family to start a real estate investment business.
But first, you must understand the potential of what could go wrong to avoid souring your relationship or paying to refinance a loan to remove a partner from the investment. So read on as we explore five things to watch out for when investing in Metro Detroit real estate with friends and family.
Credit
Discussing money when investing in Metro Detroit real estate with friends and family can be uncomfortable; however, you need to watch out for your credit because it will be tied together when you partner on an investment. Pinnell Enterprises, LLC can help you understand how your credit is tied together as partners. In addition, we can point you in the right direction or walk you through any credit issues and how to handle them.
Disputes
Disputes among partners are the first thing to watch out for when investing in Metro Detroit real estate with friends and family. Pinnell Enterprises, LLC can help you clearly define how disputes will be handled, with everything in writing. In addition, the professional investors at Pinnell Enterprises, LLC are seasoned negotiators who can help keep your business partnership on track and protect your relationship. However, we are not attorneys and you should seek advice from your attorney.
Goals
Another thing to watch out for when investing in Metro Detroit real estate with friends and family is that you share the same investment goals and timeline to reach them. Pinnell Enterprises, LLC can help you understand how to set your investment goals and calculate a realistic timeline. In addition, we can help you locate investment properties that best fit those goals.
Expectations
Unmet expectations are something else you must watch out for when investing in Metro Detroit real estate with friends and family. Pinnell Enterprises, LLC can help you clearly define each partner’s role so that no one is disappointed. Set up a free 15 minute zoom consultation with Bill Pinnell to discuss your goals at https://www.wildbillpinnell.com/ and explore your options.
Emotions
Emotional investing is another thing to watch out for when investing in Metro Detroit real estate with friends and family. Each partner must treat it as a business, focusing on the bottom line. Pinnell Enterprises, LLC are pros at performing due diligence. Pinnell Enterprises, LLC can help you run the numbers and rest easy knowing your investment is sound.
Pinnell Enterprises, LLC know what to watch out for when investing in Metro Detroit real estate with friends and family. You will avoid rookie mistakes and save money and time by working with consultants at Pinnell Enterprises, LLC to ensure you’re buying the best investment opportunity to earn the highest return while staying on budget. Call Pinnell Enterprises, LLC at (734) 245-9654 or schedule a free 15 minute zoom call with Bill Pinnell at https://www.wildbillpinnell.com/to explore your options.