Partnership

Welcome to the forum. I have used partnerships to my benefit for deals. However, id get everything in writing as far as the structure and responsibilities of all parties involved. I have been burned before because of not having it in writing and trusting friends. I have no one to blame but myself. It has caused me a few friendships over the years. So get it in writing regardless of who it is.

It also help motivate you when you see other members of the team playing their part and just like you rely on them to play their part, they rely on you to do the same.

I had a contractor partner to help me rehab. I’ve had a financial partner to take care of acquisition and rehab costs. I’ve also had a partner to help with the weekly expenses or upfront money to keep the rehab going. I’ve had all 3 partners in the same one deal. As long as the profit from the deal can support myself and the partners I will partner with them if that’s what it’s going to take to make a worthwhile profitable deal happen.

Partnering with a seasoned investor is a good way to learn what works in your area. And don't discount partnering with other professions. Not one deal gets done without the help of someone. I suggest you see if there are any real estate investment clubs in your area. Get to know who is out there and build your buyers list first. You can have the sweetest deal and not be able to do anything with it if you don't have a buyer for wholesale deals. We also work with title companies, real estate agents, contractors, lawyers, real estate accountants, attorneys, etc. You can go it on your own, but when you hit a glitch you might freeze up if you don't have somewhere to go to get your questions answered or get some positive feedback.

#1 get your buyers list
#2 learn as much as you can
#3 get those bandit signs out and talk to everyone telling them who you are and what you do. You need to get the word out to find buyers and sellers.
#4 sign up for the advisory line with DG. I still use it and am a seasoned investor.

Don't give up. And just throw yourself into it with everything you have. You'll make it.

Wendy
www.BeaconInvestorsGroup.com

My partner Jeremy and I have probably one of the most talked about partnerships on this site. If it wasn't for the 2 of us teaming up, we would never be where we are today. Partnerships are great. Just have rules set up before you dive in. I am about 2 hours from you in Herkimer, and Jbtogs is north of you. Glad to see another upstate NY'er in the trenches. Send me a PM if I can help you in anyway...Jan

Another type of "partnering" that I think is one of the most valuable things to keep you going is just developing close friendships with other DGers to support one another and talk about concepts and ideas.

This site is a virtual revolving door of people wanting to "try" this business. The ones of us that you see "stick" and eventually start being successful are the ones who develop relationships with other investors here who understand what we are going thru and are supportive.

There are so many people out there who don't "get it" and are naysayers. You have to separate yourself from people who are not supportive or at least quit talking to them about them. Otherwise, they will steal your dreams away and make you start believing they must be right!

I am getting ready to move 2,500 miles across country to partner with one of my very good DG friends that I met here. We have talked on here, email, text and by phone but never met in person! But I consider him to be my friend and I trust him! He is stronger in some areas than I am and I am stronger in others. It should work very well!

Keep coming here and reading and learning. REFUSE to quit! No matter how long it takes! Build relationships and build a future for you and your family. You can do this! Only YOU stand in your way!

Karen

I too have met quite a few different partners here on DG. As stated before, having things in writing is a good practice. Its not as though you don't trust them. It's more so to protect yourself, just in case.

Dustin,

Good Partnerships can be a great way to help you move forward, but do your due diligence, even with partners! Partners should complement each other, not one be a burden on the other one. There also has to be good chemistry between partners, it will make life easier and more enjoyable for everyone!

Wishing you success on your rei journey!

I have had some go nowhere and others work well. Only time will tell. The key I think is to keep working at it.

Jill & I partnered up with Cub (Ryan) who lives in Ohio. Ryan & I talked on the phone & deceided to go in on a house together; he put up the cash to purchase the property; we put up the cash for rehab materials & did the rehab labor. When we sold the property, we split the profit 50/50.
The 1st house Ryan made 27.5% ROI; the 2nd house he made 17.2% ROI; the 3rd house ended up needing new roof, new central heat/air, kitchen, appliances, 2 new bathrooms, paint, carpet, light/plumbing fixtures & landscaping. Ryan only made 9.7% ROI, but as we look at it a profit is a profit. You can't hit a home run everytime, but it's still much better than having money in the bank!
Jill & I have done 66 buy, fix & flip properties to date, we have made from only a few thousand, all the way up to $ 104,000 on one house, selling it in only 2 days! Wish we had some more of those!