When looking for a partner

Question

What do you look for when looking for a business partner? (Specific to my case how do you find and sell yourself to private money lenders?)

Jayden Woodrow · Answer

I guess saying “sell yourself” was poor phrasing but never the less @Will Fraser thank ya for the insight! And @Steve Smith I had the understanding an investor is still my business partner. I’m the ground work and they are the funds. (In other words it’s my job to make sure everyone gets in and out of the deal with money in their pockets and not in “unexpected mishaps.” cause if ya get the #s right in the first place there shouldn’t be any reason for something to take ya off track) Although you mention having experience is a leg up, but as a man who works as a welder fabricator/ plumber I obviously have none other than the research I’ve been doing independently for the last 6 months. Do you or anyone else know of a way for someone like me to get their foot in the door to gain that experience?

Zachary Ray · Answer

Someone who can compliment your weaker areas and have knowledge in the game.

Will Fraser · Answer

Hi @Jayden Woodrow, welcome to the BiggerPockets forums!

In general "selling yourself" is a misnomer.  Though I'd guess that you're a nice guy and give some people the warm and fuzzies, the thing that you want people to invest in is your character and competence.

• Character - who you are and why -- deep down, not the elevator pitch version.  This is the virtue, dignity, and honor with which you cary yourself and what you aspire to.  This is one of the things that secures someone's investment.  If the person they invest with doesn't have this, it's dirty and probably dead from the start.
• Competence - What do you know about the deal you're inviting people to?  Be honest and upfront about it, and do your homework.  It's okay if you have never done X before, so long as you have done your due diligence and learned how X aught to be done, made a plan, and can share that.

Don't sell yourself, present the things that make up Jayden that are going to ensure that the partnership heads the right direction.

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