Woah there, pardner, we’ll talk about the real estate kind in our post today, not the kind of partner you might find for love.
First, you need to ask yourself why you need a partner. Possible reasons could be that you lack:
- Money
- Time
- Knowledge
There’s really no other reasons that you should use to find a partner. The worst kind is because you have a friend or family member and you want to work with them That’s a great way to lose a friend or family member.
You also need to be able to provide one of those things. If you cannot provide one of them then no partners should be looking for you. You can’t have a partnership.
Partnerships, then, are about filling a gap in your skill set. Two people who work great together but have exactly the same skills aren’t going to be great partners. They will potentially fight over certain parts of work and fight over not doing the other parts.
Time
The time partner is the partner who is able to do some of the work. They probably don’t have a lot of money and haven’t done this before but with the proper teaching will be able to do some of the handy work or the evaluation of the deals or the negotiation. This partner usually has less experience and hopefully full of energy and eager to work to gain knowledge.
Money
The money partner has the capital to make things happen. Those who aren’t money partners tend to downplay the significance of the money partner, thinking they aren’t doing anything in the deal. They are. They are accepting the risk. If this was easy, the other partner would be selling their car or house to raise the money and put it at stake. It’s not easy to get this money and it is painful to lose. The money partner might also be a person who can guarantee a loan. This person can bring money to deal but also allow you to get a bigger loan you would have been able to otherwise. High performers are usually the money partner.
Knowledge
The knowledge partner probably also has money. This person is one who has done it before, but you aren’t requiring their cash, you require their knowledge. This is a person who’s done this many times before and has a lot of knowledge and rather than paying them for coaching you might give them a fraction of your deal and they instruct you on how to do it.
Any of these people can be your partner but you need to first get past the difficulty you have and ask the question. You need to start meeting people and going to meet ups is a great way to do this. You need to seek out opportunities to meet people in the field in which you are interested. Multifamily? Go to a networking group or conference. Sure, there is a cost, but by finding one partner you will have recouped it and more. Don’t go into these asking people to partner. Talk about your interests and listen to theirs. Find the common ground and build on that. This is a relationship you are looking for and quality relationships take time.
The next step at these meetups is to start by learning people’s names and what they do and remembering them. I outline a great way to do this in my new book Your Authority Problem. It’s going to be coming out on Amazon very soon. I hope you’ll check it out.
