Deciding to invest in real estate is an excellent decision to make. If you’ve never done it before, partnering up with someone could help you far more than a book could ever! This can only ring true if you pick the right partner of course. Choosing the right partner could allow for more opportunity and open up many doors for you. Establishing a partnership with someone will give both of you a person to hold accountable and someone whom you can bounce ideas off of.
The Ideal Partner
Let’s get real for a second, not everyone interested in real estate will be a good partner for you. Finding someone with a good work ethic is needed so you’re able to learn and grow within real estate and even as a person. It would be ideal to find a partner who is the yin to your yang. Meaning, it’s important to find someone who excels in the areas where you lack, vice versa. Your ideal partner will complement your strengths as you do theirs. You want to find someone that is supportive and open in discussion and communication. Last but certainly not least, you want to have a partner that you can genuinely say you can trust and confide in.
Where To Find Them
When in search of a great partner, you’ll want to find someone who is like-minded but has a slightly different skill-set. You can find these people at networking events, real estate seminars, or even online groups. If you are a novice, it can be wise to partner with someone more experienced, at least on your first few deals. Learning from someone who knows the ropes will allow you to gain knowledge that could’ve taken years to obtain on your own. No matter where you’re investing or what you’re investing in, you shouldn’t have much trouble finding someone with the same goals and values as you. You’ll want to do your homework on them, taking a look at previous purchases and outcomes. Once again, they need to be someone you trust as well as someone who can really add value to your investment goals.
Hold Up Your End Of The Deal
Though looking for a great partner, keep in mind that they are looking for one as well. Holding up your end of the deal by being accountable and meeting expectations required of you is extremely important. Failing to do so could put you in violation of your agreements. This could unravel fights, disagreements, financial loss, and even distrust. When looking for a great real estate partner, don’t forget to be one yourself!
Making It Legal
Once working with a real estate partner, you’ll want to cover all your bases from a legal standpoint. Make sure all agreements of any sort are in writing and the proper contracts are being used. Things should be clear and both parties should be aware of what is required of them or what they can expect from shared deals. Do not overlook this point even if your partner is someone you have known your entire life. Having everything clear on paper will leave no room for disagreements in the future. It is advised to have a lawyer review all contracts and agreements before officially partnering up.