Top 3 Qualities You Should Look For in a Real Estate Partner
Q: I want to partner with other people on real estate deals that I find. What should I be looking for in a real estate partner? Brian, Westerville, Ohio
A: A healthy partnership can benefit you as a real estate investor. Partnerships provide moral support and encourage creative brainstorming. It’s useful to get a second opinion on decisions you make in your real estate business, particularly when you start out. I’ve been involved in many partnerships over my real estate investing career. Here are the top 3 qualities you should look for in a real estate partner:
Complementary skills: partnerships are most effective when each partner specializes in certain aspects of the business–this specialization is easier when partners bring different skills to the table.
Reliability: When the chips are down, you have to be able to count on your partner to follow through on promises and obligations–if not, he’s not an asset, he’s a liability.
Integrity: Your reputation in business is your most important asset–it takes years to build, but it takes only a second to lose. So never allow yourself to ever do anything that would damage your integrity–this includes partnering with people who lack strong integrity themselves.
Thanks for your question, Brian! Good luck.
For more real estate tips and information, visit my blog at geraldlucas.com.