Question on Partnerships

[Sasha Josephs]

Hi BP! I'm curious to know what's out there in the form of partnerships. What sort of partnership(s) have you had or do you currently have? How did you get into that partnership? What did you learn?

I'm currently a jr. project manager, seeking capital partners for projects and curious how people have done this. How many partners is too many?

I know the networking and going to real estate groups, but what do you SAY and DO when you get there?! 

[Taylor L.]

I partner with passive investors (limited partners) and other active investors (general partners) to buy multis and self storage. I meet LPs at various networking events. The key is follow up and look for ways to add. Get to know people, don't try to seal the deal the first day, whatever the deal is. 

I know the networking and going to real estate groups, but what do you SAY and DO when you get there?!

1) Don't try to talk to everybody

2) Do what Tim Ferriss does. That video and some of his other content contains great tips on how to start relationships with new people at large events. Begin with the end in mind! The end being productive, deep, long term, and profitable relationships

My process at networking events goes something like:

1. See someone who is not currently engrossed in a conversation (ideally - sometimes you might have to just be bold and join a group. Maybe work up to that)
2. Walk up while reading their nametag
3. Say "Hi Sasha, what do you invest in?"
4. Listen to their story, ask about their goals, where they're from, lessons they've learned, stuff like that.
5. Find some way I can help them. Maybe I know somebody they'd benefit from knowing, maybe they'd like to be on a bunch of podcasts (I can certainly help there)...whatever! 
6. Get their card if it makes sense to follow up. Email them later and pick up the conversation, ask a question, something! It depends on the person.

This is how I've met investors who have invested in my deals. Getting out and talking to people makes me money, but it's always uncomfortable to take that first step out of the comfort zone!

I didn't start this way, and my networking skills and processes are very much still a work in progress. I have friends and colleagues whose networking and relationship building skills amaze and inspire me.

The most effective, results-generating networker I know personally is a genuine, kind, and attentive person. His results aren't an accident! People like talking to him and his integrity is immediately apparent when you talk to him. He also doesn't try to meet every single person in the room.

The most impactful networking lesson I've learned so far:

At my first Real Estate Guys Secrets of Successful Syndication Event, Russ gave the crowd a hugely important lesson about real estate investing. I even wrote a BiggerPockets post about that event which you can see here!

Relevant lesson was #3, The person I need to be in order to be successful is not necessarily the person my instincts want me to be.

My instincts want me to stand in the corner and not talk to anybody. Forget that!