subject: Partnerships For Real Estate Investing [print this page] Whether you are new to the real estate game or a seasoned pro, partnerships for real estate investing are a great way to reach goals that would otherwise be unattainable going solo. They say two heads are always better than one, so imagine if you paired yourself with another like-minded individual who had the drive and determination such as yourself to rise to the top of the real estate investing ladder -- unlimited profit potential.
Benefits of Having a Partner
One great benefit of having a partner is that the two of you can compliment each other. Let's say you're good at working the numbers, but your ability to find the perfect properties is not your area of expertise; if you partner up with someone who can find a needle in a haystack, the two of you can do great things. This can be extremely helping if you are just starting out and still unsure about a lot of things. From finding homes to securing funding to closing deals; you share in the success as well as the profits.
Finding the Right Partner
Finding a compatible partner may take some time. As individuals, we all have our own ways of doing certain things, and sometimes people just aren't compatible no matter how hard they try. In your search, you want to find someone who has experience in real estate investing. You want to make sure that their credit it acceptable (this will make a difference when it comes time to obtain funding), and you want to make sure that they have the same goals and work ethics as yourself. Someone who is not as dedicated will not only hinder your success, but it might even give you a bad name in the business through association.
On the other side of the table, you must be able to match what you are expecting. In other words, if you are requesting that your partner have good credit, you should have the same. You want to be up front with them, just as you would like the same honesty. If you are inexperienced, or you have credit issues, let them know up front. As I mentioned before about complimenting each other, perhaps you have something that they don't have, which you can bargain with, like your great communication skills and their great management skills. You close the deals and they manage the paperwork.
One of the biggest mistakes people in general make when deciding to partner with someone is they do not take the time to see if they are a good fit. If this were a personal relationship, you both could walk away and delete each others' numbers from your cells phones immediately, but if you have time and money invested, what do you do then? They say you never truly know a person until you live with them; well if you're sharing an office with someone, it won't take long to figure out whether the two of you are going to click.
If you choose your partners carefully and you can work together as a team, you can easily build credibility and start bringing in the big bucks.
by: Tasha Gill
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