I am still reading an learning, but eager to get something started with rental properties. But I want to partner with someone who is experienced on my first deal or two (or five). The problem I have is I don't have much money to contribute yet, and I'm not sure how I can contribute time when my experience is non-existent. How can I use my time to contribute to a partnership without experience? Or if I struggle to find time, how else could I contribute?
Well Mike, your name is Mike. That's got to mean something, right?
I don't know on your 'value proposition.'
We have a guy that has been a great resource and was starting completely from ground zero, and he is a college grad who has demonstrated a desire to learn and work hard. We started paying him $12/hr and now pay him $14/hr and will plan on giving him a nice bonus once 2 ongoing projects are complete, here in the next few weeks.
He gets to learn stuff, both on the hands on side, but we're happy to share more of the business context and bigger picture. He will likely be challenged to take on more of a development role on the next project(s). I think it's good life experience for him and who knows he may end up being an investor one day himself.
Perhaps, you can start there? You need to be ready to roll up your sleeves and suck up your pride. You may be sacrificing other more traditional career path opportunity costs by going this route, of course. And, you need to find someone that knows their stuff and is willing to invest in you. But you have to hold up your end of the bargain.