Category: Home & Decor

Investing In Real Estate With Loved Ones.

The key to making a business relationship among family work is to set some clear guidelines at the beginning and then stick to them.

Here are some tips for making your real estate partnership work with a family member.

  • Acknowledge up-front that difference in opinion will occur on a regular basis and that these are healthy and need to be dealt with in a business-only discussion.

  • Business discussions must be done during scheduled meetings and not during family time.

  • All parties involved must be ready to be adults and keep business disputes apart from family relationship.

  • Design a dispute-resolution process for when the inevitable occurs.
    Keep in mind that one party will always feel he/she does more work than the other. Schedule meetings to evaluate and divide responsibilities.

  • Though your partner is a family member, treat the business like a real business.

  • Define rules must be set for the purchase of a property, so one party does not want something the other another.

  • Decide in advance on an exit strategy for the partnership by determining exactly how the business venture will be terminated if and when the time comes.

  • Consider bringing in a clause in the event one side wants to buy out the other. This ensures fairness in determining the offering price. Above all the most important is you want the family relationship to come through the process intact and enhanced not tattered.



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