# Partners with different goals. Will it work?



## Air Staff (Jan 16, 2013)

Hey,

I'm looking to purchase a rental with my father but I'm unsure if it will work considering that we have different goals. He's 65 and wants to pull a "management fee" from the property and Im 32 and want to continue to re-invest any profits into more properties. Everything would be split, down payment, work, collecting rent etc. 

Is there anyway this could work? I don't really want to open a cooperation and have different class shares. 

Any input would be greatly appreciated.


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## crazyjackcsa (Aug 8, 2010)

Put it out of your head. Sincerely. You're taking money, family and adding them together. At the same time, you've already admitted you have very different goals. So put it out of your head. If you can't: Start drinking. Heavily. Drink until you can't drink no more, until you've ruined your liver and your life. It will still be easier, cheaper and more enjoyable than what you're proposing.


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## andrewf (Mar 1, 2010)

Why don't you distribute the income and use your part of the income to invest in other ventures?

I do kind of agree with jack. Consider if this investment is worth damaging your relationship with your father...


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## lonewolf (Jun 12, 2012)

crazyjack

Perfectly worded straight to the point & funny @ the same time.

Air Staff

People first, then money


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## spirit (May 9, 2009)

What is your dad like to work with? Is he a controlling personality or is he fairly reasonable and hardworking. My dad helped me buy my first property when I was in my 20's by using his home as collateral. He helped me with a lot of the work at the beginning. I was a young 25 year old female teacher and did no maintenence but all the cleaning. (I had two floors of renters and it helped pay the mortgage) But all that time I felt like he was helping me get established. He did not need the income and I used the income to help pay the mortgage. I felt very comfortable with the arrangement and it lasted 3 years until I got married. Then it was my husband and me and my dad stepped back. However, if I defaulted on payments my dad would take over the mortgage 
It worked for us but my dad was all about stability and working hard. What is your dad like?


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## Air Staff (Jan 16, 2013)

Sorry I should of mentioned that I have a great working relationship with my father. He started me in rentals and construction early on and we have had zero issues. We have done a couple flip projects as well as rentals together in the past. The rentals we own together are larger units under a corp with multiple people and the initial concern doesnt apply. Thanks for the heads up but I believe these issues don't concern me. 

So assuming family isn't a concern any other suggestions on how to set up the business?


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## financialnoob (Feb 26, 2011)

I agree with crazyjacks 100%, right down to the binge drinking if you do decide to proceed.

But if you still decide to do it, a loan might work out better for both of you. That way he's getting his money back sooner with some interest, satisfying his short-term goals, while allowing you to focus on the longer term.


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## Four Pillars (Apr 5, 2009)

I'd be happy to help you with the drinking part.


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## Berubeland (Sep 6, 2009)

I could really use a drink myself.


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## Cal (Jun 17, 2009)

You both have esperience in RE, why not just do your own Re investments. Then he can pull his management fee and you can re-invest your profits, no issues.


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## financialnoob (Feb 26, 2011)

Four Pillars said:


> I'd be happy to help you with the drinking part.





Berubeland said:


> I could really use a drink myself.


I think a beer would go great with some butter chicken...it's been a while.


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