Should You Co-Invest On Property With A Partner?
Q: Should You Co-Invest On Property With A Partner? Eric, White Plains, NY
A: In general, two minds are better than one. You’re unlikely to see everything yourself, when someone else is also looking out over the horizon, they will probably see things that you miss and vice versa. Partnerships with the right people can be very beneficial to all involved for short term investments but can be problematic for longer term investments because people’s goals, priorities and personal commitments often change over time. More than 2 or 3 partners on a deal can be cumbersome as the saying goes, when there are too many cooks in the kitchen.
You have to be careful who you partner with. The right partner will make you better, but the wrong partner could end up being an albatross or a liability–choose wisely. Judge people by what they do not on what they say. Con artists almost always talk a good game so actual behavior is more important than rhetoric. In an partnership (business or personal) everyone wants the best person that’ll have them so, the best way to get a good partner is to be a good partner yourself.
Thanks for your question, Eric. For more real estate information and tips visit my blog at geraldlucas.com.