Where do I go for partners?

Question

Hello new here but where do I go for partners in my area? I’m in Pennsylvania also are there local realestate investors in my area of Luzerne County or Wilkesbarre?

Linda L. · Answer

@Randy Thomason thank you again

Linda L. · Answer

@Randy Thomason Thank you yes sounds like a lot Legality I need to know. Sounds like I need a Attourney on my side if I want an partner. Yes I will start with the REIA I just joined like a day or 2 ago. Thank you

Randy Thomason · Answer

Good luck LInda!

Randy Thomason · Answer

Hi Linda,

Be careful of partners. Know who you are working with as you don't want to get caught up with someone with other legal issues or IRS issues.

You need to be able to fit personality wise and ethics wise.

You need a "drop dead" agreement in case you have a falling out down the line or one of you dies.  Do you want to be a partner to a wife or husband of you have never met and might not know anything about this business?  Or is a addict of some sort?  a drop dead agreement will allow either of you to buy the other one out in the event anything happens or you just want out.  Typically the way it works is either party can make an offer to the other and the second person can match the price plus $100 and the first party then must sell to the second.  No choice.  If the second person does want the property they can just sell at the original offer.  This keeps the first party somewhat honest as if the price is too low and is trying to steal it at a low price then the second party will buy it from the first.

Most partnerships do split in time and a big majority are not friendly when done.  Been there, done that.  Even with family members it gets ugly oftentimes.

As for looking for partners, I would be going to your local REIA meetings or Meetups and network like crazy.  You do multiple things by doing this.

- You build your reputation

- you can build a buyers list or a wholesalers list of sellers

- you can find private lenders, so you won't need partners

- you find mentors who are experienced

- and you will find deals

Happy hunting!

Randy