Justin, this is a great question. Here are a couple ways that you could add value.
1) Operations/Project Management: I've found that most guys that are like your friend are awesome at starting things but not too great at completing them. You could be the guy that comes in and makes sure that projects make it all the way through the process…whatever that might be.
2) Knowledge: Maybe you are great at analyzing a property and making sure that it is a good deal.
3) Finder: You could be the guy going out and finding properties.
Be creative and look at what skills you are good at.
I love that you asked how you could add value. That's ultimately what we do as entrepreneurs: add value and solve problems.
You're in the right mindset and you will do well. I am looking forward to hearing your success stories :)
@Justin Larpenteur --How Could one add value to a partner --remotely? Any Ideas?
thank you! I will be meeting him tomorrow and we will be discussing our goals and skills and then develop a plan on what we will do, what we will need and what we have to do to achieve our goals.
I've been able to help my partner from states away while I was in the army and I was able to help him increase his productivity and give him questions that he never new to ask yet. Hopefully I will be able to act as an acquisition manager and help find good deals. Do I need to be a buyer to be an acquisition manager?
@Justin Larpenteur I take it that your type A partner either can do work of rehab etc or find and lead crews for that end. You are just the Perfect partner with all of your attributes, use them to find $$ and get with it. You will need a very good contract for your team so everyone knows their duties and rewards. On a side note; I have found a friend and partner here on BP who is Type A just like me, we even have same birthdate just a FEW years apart. He teaches me ideas and marketing as well as get job done while I find the deals and bring $. We are having Fun!
@Johnsy DSouza you can search the site for "long distant partners" "Remote partners" etc and read the blogs and threads to get ideas you can do that well.
If you have access to marketing then bring deals and take an equity split. This is basically how my partnership started. I knew marketing and was bringing in deals and my partner brought in the capital and rehab management knowledge. He gave me a percentage of profit on every deal we did. Within 12 months we were using private lenders and splitting deals 50/50. You hit the nail on the head though, as long as you are bringing equal value it will stay a good partnership.
how did you meet your partner?
And I've been trying to learn how I raise capital. I'm understanding more about working with small community banks since i used to completely disregard them. I also want to see about getting a very small loan from one of my mentors to help develop that financial relationship with him.
I would gladly do the same with anyone else here on BP as well. Like $500 with 10% ROI or something super simple and develop relationships here.
Once I find out exactly what the plan is I can pin point exactly where funds need to be directed to. I'm assuming right off it would be marketing.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing