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I have 2 partners that want to go in on a 2 bedroom 800 sq ft house and reno it a little and flip it. Its a first time investment for all 3 of us. We want to double our money and put it towards the next bigger house and reno and flip that one too..
Current Mortgage is paid off. SO I am looking to draft a legal document that outlines what each partners initial capital investment is and what their percentage of ROI is. And outlines the next steps we all agree to take once work begins. Can i use a form on this EZlandlordforms site to draft that?
Congrats on finding a foreclosure deal! Sounds like you’re in a good spot with solid options, so it really depends on your long-term goals. Here’s my two cents:
If you’re looking to start building steady cash flow, renting could be a good choice, especially since $750/month would give you a solid return on your investment each year. You’d also build equity over time and have a stable income stream. That being said, being a landlord does come with its own set of responsibilities, so it’s worth considering if you’re ready for that.
On the other hand, if you want to pull out quickly and reinvest, selling could give you a decent return too. I was in a similar position when I invested in bhoomi lakescape. I initially planned to hold onto the property for rental income but ended up selling after a few years because the timing and profit were right. It allowed me to reinvest in another opportunity, which worked out well.
If you’re open to renting, maybe give it a shot for a year to see if you like the passive income side of things. And if you ever feel the market timing is right for a sale, you can always switch strategies later. Good luck with whatever you choose!
