How did you select a partner?
Hey everyone,
Some of you may have read my "Taking Real Estate to the Next Level" thread, in which I talked about different directions I want to take my life and my business. Well, great things have happened since then, including securing a $150k commercial equity-refinance from a local bank. I'll have the money in the next couple weeks and have my eye on a couple of deals.
My new question is : For those of you with a partner, how did you find/select them?
I haven't come to full terms yet on having one, but I do think in the near future I'd like to bring in a partner to help grow even more. A few of the most successful REI's I know do have at least one partner, and I have to accept that I may not be able to do everything myself (I'm not the best at financials), especially as the Columbus market grows and I continue to acquire more.
I bring quite a bit of experience, cash, and rentals to the table, so I'd want a similar contribution from a partner. I don't want to choose someone who is "exploring real estate" with an accounting degree...that's simply not enough. So, what did you look for in a partner, and how do I determine what makes sense for them to "buy-in" to my already well established business?
Thanks in advance!
-Brad