I get asked all the time, should I find a partner to work with in my real estate investing business? I say yes, if you can find good partner. There are many ways you can partner up with someone. Regardless of which direction you go, find a partner that will complement your personality and drive. Let’s talk about some key points I feel are important in identifying the right business partner for you.
Personality: It will be important that you spend time getting to know your possible business partner before you rush into doing any work together. Spending time outside of the real estate business is important to see how one behaves. Make sure you like the person you are going to be working with. More importantly, do you like their attitude, drive, focus? Are they kind, patient, result-oriented? Do your due diligence.
Time Management: You don’t want a partner that does things only when they feel like it. Find someone who is good at managing their time and is efficient at completing their tasks quickly. Real estate is a time-sensitive business — no room for laziness.
Relationships vs. Money: I have always lived by the creed, “Chase the relationships, don’t chase the money.” Basically, don’t be greedy. It is too easy for people to be worried about how much money they want to make in this business. That will hurt your relationships. Therefore, find a partner who wants to build lasting relations instead of getting rich quick.
Different Business Entities: I encourage you to have your own separate business entities working together. Don’t put everything under one company because, if things don’t work out, it will be easier to dissolve the partnership.
Working with a partner can be a great thing. It will take you some time to find the right one. A qualified partner can help you reach your real estate goals a lot quicker. If partnering with someone is what you have been thinking about doing then get out to real estate clubs because they are a fantastic place to network and find like-minded investors.