UK Landlord Forum / Life

I read this article by Sarah Beeny, I thought it was quite good advice:

Quote
Teaming up with friends to run a development was the theme of our fifth show of the series, and to me this is all about odds and evens. By that I mean you should look closely at whether it's better to team up and develop with an odd number of people rather than an even number. 

For me it's a no-brainer. I've been developing for years in a trio consisting of me, my husband, and my brother. You could be forgiven for thinking that forming a partnership with people so close to you is kind of dangerous. What happens if you all fall out? How would that affect your personal life etc etc? Well, the reality is having an odd number of people in our partnership outweighs any other disadvantages.

The reason why is that it's crucial someone has a deciding vote. In any given situation having an odd number of voters means a decision will always be met, a conclusion always be drawn and a way forward clearly marked out. On the other hand, if like Sean and Danny in Mansfield, there are only two of you things can get very messy indeed. Take for example the dispute about tiling the bathroom. Sean wanted to bring in a professional to do the job, Danny wanted to do it himself. What on earth do you do to resolve a situation like that? Invariably one person ends up taking action without the other's consent and the damage is done. In this case it was considerable damage to the bathroom, but at least the boys remained mates. Less strong partnerships could easily have fallen apart completely.

Source: http://www.channel4.com/blogs/page/4homes?entry=property_ladder_should_you_team&intcmp=rss_4homes_4homes

I think you need to enter into a contract and have clear targets and plans in place that shows both parties requests and thoughts on how the build should go.
The plan should then only be compomised if there is a unforseen building issue that needs to be resolved.  A mediator is always someone to have on board, This has to be someone who both dont know and is skilled in the trade, what they say is final on any building dispute !.
Hey my imput for what its worth !.


Badger

Hey B,

What's up?

Yeah, I know what you're saying. But I don't think you can plan EVERYTHING. For example, small things like tiling design. 2 people may debate over which design to use on the bathroom tiles. In those situations I think Beeny's advise would come in handy- work in odds.

I mean, the fundamental stuff could be agreed on before the project. It's just the little things that might cause a little stir...

Beeny being the mediator in the tile scenorio yes !.

I didnt realise theres no more property ladder there should of been a 'Property Ladder at Christmas ' showing stupid people trying to develop in the snow ! 

Anyways ......... Even though I hate working as a 'trio' .. I dont think its the actual number . I think if you want the same things and work alot out at the beginning .. there wont be as much dissagreeing.

So I think its definately WHO you decided to go in with .... I dont think its that important if you are friends with them ... its if they have the brains and knowledge to actually benefit the project ... and not just because you need someone to pay half of the mortgage .

Also its hard when if comes to decided how much work to do and at what rate .... there has to be someone saying 'we need to do this , this and this today ' etc ... but if the other one if slacking ... how can you say .... you have to do this .. because you are getting 50% .

I'm having that problem at the minute .... the person im doing it with ... does SHIT all . He makes out that hes always really busy with such a such a thing and if he doesnt . I plan for him to do something and he doesnt turn up .. so I phone him and he give me an excuse or says hes forgot .. or he has to go back to the army in afew hours .... by this he means .... 10 hours .
But the problem comes to when I have a go at him ... he just blows up and tries to confront me about buying stuff without him and doing things without telling him ....... it just becomes really petty .
So atm I really dont think  he deserves to have 50% .
I also blame myself for going in with him ... because I came up with the wonderful idea .. because he is a very busy person and gets things done ......... but hes just not interested .



But I havent given up all hope ... I know that going in with someone that knows what they are doing would be great  and after Ive finished this development Im going to go in with my boyfriend ... who has exactly the same ideas and goals of what we want to achieve .

At the end of the day you just have to pick very wisely .. because even the people that look like they could do it ... could be a nightmare .

These are the things you need to have in a partner to develop ;

Organised
Trustworthy
Motivated
Responsible
Mature
Active
Not big headed .

And thats it you have your perfect partner .

I didnt realise id wrote LOADS

Oh and like Badgie said .... You need a contract .... its so worth it .

Phew deep breath after reading that 

haha the ....'s are for when you have to breath !

I always have alot to say about going in with someone ... mainly because its all going wrong for me ! 

A contract between friends? How likely is that?

If your friend breeches a condition, you actually going to sue?

trueeeeeeeeeeeeeeee , but its always a good thing to use when you are disageeing ... instead of 'I think ...' all the time .

You can refer to the contract ... and then it seems more fair .

Well thats what I think ........ but then again if you go in with the right person/people .... you shouldnt even need to really disagree .

The thing is, why would you work with anyone that isn't any of the following:

Organised
Trustworthy
Motivated
Responsible
Mature
Active
Not big headed.

They should be fundamental qualities in a development partner(s). I don't think Beeny is disputing that.

I think the point is, you should work in odd numbers, assuming all your partners have those qualitities. It's not a question of this versus that.

ok , sooooooooorrry . 


I agree ... with sarah then ....

Shall we make up now?

no haha

hmmmmm YES ... But only if your nice please 

I'm always nice, innit, blud!

I take it your development is going from bad to worse =/

MOST of the time , yes .



Except when for when you tell me Im just jabbering on for nothing .. and when you dont like christmas .


Well yes and no really . Just stressed out with it .

I just want to get alot done each week ... and no one seems to care .


hmmmmmm

I care and if i lived in your neck oh da woods i would pitch in and help you get this place sorted out and sold and gone and history and and and andnandnandannaandnandandadaddaq

Yeah, if only I lived close to you...

Your post has something a little scarey about it Fag !!!!!

haha its the ...'s that do it .

Quote from: propertyfag on December 13, 2007, 01:38:20 PM
Yeah, if only I lived close to you...

It was this one, it says to me that if he lived close to you it wouldnt be the house he would be interested in !!!!!!!!

Oh yeah, fu*k the house, I was talking about "me and fiee" (tsk its only a 3 letter word. )

FEE
FEE
Fee
FEE
Fee
Not FI .

Thank You

That was so trippy.

I thought someone had hacked my account.