Oct 02

Getting Started with Some Real Estate Investing

My brother, one of my cousins and my brother in law have talked me into going in with them on a little bit of midlothian va real estate. Of course it is sort of easy for us to find something in relatively bad shape and fix it up. Jack, the brother in law, is a master plumber. Marvin, the brother is a carpenter and he knows how to do renovation type projects as well. The cousin is mostly in this because his Mom has a lot of money, but he also has a truck, a compact tractor and a trailer. The compact tractor is awfully useful of course. A truck load of men with shovels and such are not going to be able to move dirt the way you can with that tractor, so you can take a really messed up yard and fix it up pretty easy if you want to. I handle the electrical work and I have done all sorts of other stuff too, but they want my money as well.

The big issue is making sure that everyone has a equal share of the responsibility. That is not so easy and we are all afraid that at some point there will be someone who decides that they are being taken advantage of. I was telling them all that I was not really interested in getting involved in a bunch of family drama, so they would have to be able to work everything out. I suspect that we should probably make some sort of binding agreement, because if someone was to get really mad at one or more of the others, that is when you really need to be able to resolve things with a piece of paper that punishes people for not living up to their word.