Investing with My Father

Working with family is always a touchy subject. Some people swear by it, others refuse. I partnered with my father to invest in real estate. Below is my experience with it, as well as the pros and cons.

The Background

My father graduated from high school and spent the next 30 years working in or around the construction trade. He has worked for commercial construction companies and as an independent contractor. He has worked in just about every aspect of construction, including masonry, framing, roofing, plumbing, electrical and drywall. He has built 3 of his own houses from the ground up.

After my parents divorced, my mother purchased her own house and my father rented out half of his house. During my college years, my father purchased a mixed-use building in his town. He renovated the 2nd level into 2 apartments. The first level included a wine and liquor store, which he purchased along with the building.

After graduating from high school, I spent 4 years and lots of money to receive my BA in Computer Science. When I graduated from college, I set a goal of having the option to retire from working for someone else within 15 years. I had no idea how I was going to do it, but I knew I did not want to be dependent on a company for my financial well being. I did not want to work for 45 years before I could retire. I wanted time to enjoy life. I started reading a lot about personal finance, personal development, business, leadership, real estate and entrepreneurship.

In an earlier blog post, Real Estate Investing – My First Deal, I described how my first deal was not even with my father. …read more