Partnerships

But if was me I would do a LLC. It would probably make it a lot easy at Tax time.

Randy

I have a singel-member LLC right now. I don't know if I would have to recreate the wheel for that LLC to ad partners. My LLC might be able to be a partner?.

Thanks
Steve.

want to ad how they work partnerships.

Hi All, As an ordained minister can I purchase or lease purchase a property under the name of my church organization (INC.) and not a LLC?

Churchs I have gone to can buy homes as an organization.

it's my understanding that you have an llc and are interested in partnering w/other people.
if you want to do a deal with these other people on a temp or time to time basis,i'd suggest to them they get their own llc and list both as buyers/sellers on the contracts or just enter their names as co buyer/seller w/ you as an llc.
if this is a more permanent situation i believe you can add them to yours or form a new llc for all.
feel free to visit me @ no longer scared to succeed.
keep moving forward,rob

That sounds good thank you so much.

Steve.

Hey there,

If you are looking to buy and hold, yes a formal agreement is probably best.

If you are assigning or double closing then it isn't necessary. We've done deals with other DGers and just put both names on the contract and spelled out each of our payouts on the assignment.

Good Luck!

Thank you. That is what I was thinking. If you don't ask the question you will never know how others are doing partnerships.

Thanks again Chip and Andrea. We hope to do as well as you two have done.

Steve and Veronica.

We cannot wait to hear your successes! We are off to the EDGE!!! Whooo Hooo!!!

Have your own separate LLC's

A simple joint partnership agreement is all that is needed.

Outline specifically how expenses, fees, profits and anything related to the homes you work on purchasing together. Also have an out clause(s) to dissolve at any time after all fees have been paid off.

For every individual home you purchase together, add the original agreement as an amendment to make sure every purchase is grandfathered under the original agreement.

Make the agreement(s) as iron clad as possible so when it is time to walk away, there are little to no issues that can be brought up

does any one know how a land trust works and does it transfer ownership

Everytime I work with a partner in a deal to be assigned, we give the title company instruction to right 2 checks for our assignment fee. One for me and the other for my partner. In the contract and HUD, it should be both of you. Blessings to all. LA

Thank You elixbrown. That is good information. Thanks to all of our DG family for your help and suport on this sight.

Steve and Veronica