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property partners
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Depending on your situation you may have little choice but to accept his terms, for now. Once your have any track record (and a little capital) then you could either go alone with bank funding, or find another backer on fairer terms. 70:30 is not a reasonable basis for an ongoing arrangement and your relative is being short sighted.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You're providing the expertise, he's providing the money.
Suggest that your husband gets a fair wage (ie say what he'd be getting now) and that the relateive gets a rate of return on his money (say at the Nationwide's SVR). Any profits over and above this should be split 50:50, as should any losses.
This way your splitting it into risk free and risk related returns. If the loss split of 50:50 causes either of your hackles to rise, I'd suggest that the venture is riskier than that person is prepared to admit, and probably shouldn't go ahead.
You're also going to have to work out aceptable standards before you actually commit to buy a place (what happens if one wants gold plated taps in the bathroom and the other doesn't) and agree things like appropriate fee levels for people estate agents on sale. You really have to sit down together and brainstorm as to what possibly could go wrong, and what your agree response to it will be. Document this in detail and both sign it.I can spell - but I can't type0
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