Why networking is important.
I've recently been thinking about the idea of social networking and this story came to my mind. This isn't a success story, nor a failure story. It's a story about something that didn't happen.
A good friend of mine who has always wanted to get into investing but hasn't made the move for many 'reasons' (i.e. excuses). He recently told me that he was watching a 'great' piece of property that wasn't on the market yet. He had the IN and knew they wanted to sell a beautiful early 20th century three-decker at a rock bottom price. The way he explained it was like anyone from the area would know. Beautiful original woodwork not ruined by paint, large open staircase in the front hall, absolutely giant apartments..but I digress.
I got excited about it and suggested we partner on it if the numbers worked. He found the deal and I'd fund it. We'd manage it together and split the cash flow and equity. He didn't want to. I got the feeling it was because it was 'his' deal and he didn't want to share. He wouldn't even share the address or town it was in.
A couple months passed and someone bought it and is fixing it up. From what I can tell, it never went on the market.
Working together everyone can make money. Not working with others...well...nothing happens. That's the point of the story.