Real Estate Partnership checks and balances…
How do you get people to trust you when they participate in a real estate partnership or group LLC where they have put in their cash and good credit to help you access business credit lines?
You need to create a series of checks and balances to protect everyone’s interests.
1 open a business checking account that requires two signatures to write checks
2 let the credit partner that applies for the business credit card to hold it and use it as needed for the partnership
3 have the credit card bills mailed to the credit partner who’s name is on the account, and then send them the check for the monthly payment. Or fax them a copy of the bill and a copy of the check used to pay it.
4 hire a book keeper to balance the books each month and forward a profit and loss statement to all partners.
5 hire a property management company to collect rent and direct deposit it into company checking account
