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Fork in the road

Discussion in 'Introductions' started by knightm, 30th Jan, 2012.

  1. knightm

    knightm New Member

    Joined:
    23rd Jan, 2012
    Posts:
    2
    Location:
    Sth Coast
    Hi all,

    First post I am here to broaden my horizons mainly focused on real estate and been over at somersoft but hoping to get other perspectives too.

    I am considering a startup business where I assist someone (aka the client) to buy a house for a great price then support them with the cosmetic reno and possibly add a granny flat or other small developments. I have just enough experience I think and so far of my 5 deals none have gone bad.

    BUT

    My wife and I have 4 young (7 5 3 1) kids and just build a new home and cash is tight. I have a friend who is known, semi related, very wise in life and smart financially possibly offering to partner with me in the business. I also know there would not be any likely personality conflicts. If I took it on I would solve my short term cash flow worries and gain momentum more rapidly in the business as he also offers complimentary skills in the development area. BUT I would be giving up a share of the business, a share of future profits. Is it worth it? At what cost? Anyone done something similar?

    Thoughts....