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Joint venture


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Hello,

I am thinking of asking my brother-in-law if he would be interested in a joint venture in a buy to sell property. I live in London and currently in the process of buying the remaining share of my shared ownership flat. Once I own the property and I have held my new mortgage for six months I am thinking of applying for a buy to let property and renting my flat. I am then thinking of buying a property in Eastbourne where my brother in law lives. I am looking to buy a property that needs work and I would also live in the property. My brother in law is a builder and my plan is that we complete the work in six months as my brother in law would only be available at the weekend and maybe a couple of evenings a week. After six months I would like to sell the property. The mortgage would be in my name and I would pay for all the costs. I thought I could pay my brother in law a percentage of the profit less costs and I was wondering what would be a fair percentage to offer him? I would also ask my brother in law to find the property so that would be additional work for him.

I'm new to property investment so any advice would be appreciated.

Thanks.

Sue

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  • 4 weeks later...

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