Partnerships

If you have everything you need to run your business, there’s probably no need for a partnership. A good partnership is created by finding someone that has a gift, talent, or resource that you don’t have. 

An example is maybe you are good at finding and acquiring great deals but you need a money partner. Or you are good at repairs but not good at managing tenants.

There’s a little more to consider when seeking a partner. I have had many partners in my real estate business and I have much experience to share that may be helpful in your future endeavors.

When you find someone that seems to be a good fit, check the court records for any civil suits or find out if they have any liens or judgements against them, Depending on how you plan to take title to property, you would not want anything to attach to your deals. Also do a google search to see if there is any bad publicity  present. You can’t believe everything on the internet but your customers and associates may see it and pre-judge your business.

I like to spend time with a potential partner by going to dinner,  meet at coffee shops or even a baseball game to get to know their character. Do they have good values or do they have a screw people attitude. Do they have a good work ethic or do they brag about being lazy. I always ask if they play golf because you really find out their true character on the golf course. I saw an interview with President George W. Bus ... Read More…