How do you feel about partnering with other investors ?

Buying & Selling Real Estate
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How do you feel about partnering with other investors ?

Andy Ramdeen
New York, NY · Member since 2018 · 86 posts · 29 votes

Hi my name is Andy ,

I live in nyc , and I was just wondering what do you guys think about partnering up with another investor to buy a house and flip a house together and then split the profits ? I don’t own any real estate but I wanted to know if this was a good way to start and learning and get a more hands on learning experience .

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Jack Medford
Investor · Nipomo, CA · Member since 2014 · 366 posts · 401 votes
7y

I have benefited tremendously from partnerships. My first buy and hold was with a partner because I was a little too nervous to pull the trigger on my own. Then, once I had the confidence I went out and purchased my own duplex and rehabbed it. Then I ran out of money. I found another partner who was interested in what I was doing who had capital, so we teamed up to keep the deals flowing. 

I went from 100% ownership in a duplex to 50%. However, this led me to two more deals (5 additional units) that I would not own if I hadn't partnered. 

As much as partnerships have helped me, just make sure you are picking your partner wisely! It is like a marriage and can fall apart and get ugly if you choose the wrong partner. 

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  • Grant Rothenburger
    Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    7y

    @Andy Ramdeen

    @Seth Ferguson is hosting a virtual meetup soon and discussing this subject!

    1Reply
  • Seth Ferguson
    Rental Property Investor · Member since 2019 · 407 posts · 267 votes
    7y

    Thanks for the mention @Grant Rothenburger. @Andy Ramdeen It's happening on Feb 19.

    2Reply
  • Andy Ramdeen
    OP
    New York, NY · Member since 2018 · 86 posts · 29 votes
    7y

    @Grant Rothenburger thank you so much

    1Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    7y

    @Andy Ramdeen

    Partnership is a great way to get into real estate.

    Normally you need capital, hustle and experience to get into real estate.
    If you don't have all 3, find a partner who has the missing pieces.

    There are a lot of investors on Biggerpockets who are open to partnering up to get a deal done.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
    1Reply
  • Andy Ramdeen
    OP
    New York, NY · Member since 2018 · 86 posts · 29 votes
    7y

    @Basit Siddiqi thanks for the advice will definitely look for that !

    0Reply
  • Jack Medford
    Investor · Nipomo, CA · Member since 2014 · 366 posts · 401 votes
    7y

    I have benefited tremendously from partnerships. My first buy and hold was with a partner because I was a little too nervous to pull the trigger on my own. Then, once I had the confidence I went out and purchased my own duplex and rehabbed it. Then I ran out of money. I found another partner who was interested in what I was doing who had capital, so we teamed up to keep the deals flowing. 

    I went from 100% ownership in a duplex to 50%. However, this led me to two more deals (5 additional units) that I would not own if I hadn't partnered. 

    As much as partnerships have helped me, just make sure you are picking your partner wisely! It is like a marriage and can fall apart and get ugly if you choose the wrong partner. 

    5Reply
  • Andy Ramdeen
    OP
    New York, NY · Member since 2018 · 86 posts · 29 votes
    7y

    @Jack Medford thank you for this , can I ask how did you find the right partners ?

    1Reply
  • Doug Phillips
    Realtor · Cincinnati, OH · Member since 2018 · 140 posts · 53 votes
    7y

    @Andy Ramdeen I would suggest leveraging what you can bring to the table so as you can add value to any potential partner.  Go back and forth with them and find out their goals and be as transparent as possible, how can you help them solve their problems and vice versa.

    1Reply
  • Andy Ramdeen
    OP
    New York, NY · Member since 2018 · 86 posts · 29 votes
    7y

    @Doug Phillips will do thank you !

    0Reply
  • Matt M.
    Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
    7y

    @Andy Ramdeen

    I’ve seen and heard of to many bad partnerships. If I can’t do it myself, then I can’t do it.

    0Reply
  • Grant Rothenburger
    Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    7y
    Originally posted by @Andy Ramdeen:

    @Grant Rothenburger thank you so much

     You got it.

    0Reply
  • Elizabeth Pare
    Investor · Tampa, FL · Member since 2018 · 16 posts · 4 votes
    7y

    @Andy Ramdeen

    Joint ventures are an awesome way to get started, in my experience so far - that’s how I’m getting started. Just have to make sure that the person you work with is reliable and trustworthy and also understand that they are not just going to teach you and hand you everything out of the kindness of their heart and the partnership will have to benefit them too - keep in mind that even if you make less in the beginning, what you learn from getting in there and learning the ropes is priceless!

    0Reply
  • Andy Ramdeen
    OP
    New York, NY · Member since 2018 · 86 posts · 29 votes
    7y

    @Elizabeth Pare very true , I’m not asking for huge returns right now im looking to gain a lot of experience and that’s why I feel like a partner that already has that can guide and help me until I feel comfortable on my own

    1Reply
  • Jack Medford
    Investor · Nipomo, CA · Member since 2014 · 366 posts · 401 votes
    7y

    @Andy Ramdeen I found both of my through a local meetup. It is actually put on by local BP members, so the format is very laid back compared to a lot of typical real estate meetings. I highly suggest getting involved in local groups if at all possible. 

    0Reply
  • Andy Ramdeen
    OP
    New York, NY · Member since 2018 · 86 posts · 29 votes
    7y

    @Jack Medford how can I find those types of groups ?

    1Reply
  • Jack Medford
    Investor · Nipomo, CA · Member since 2014 · 366 posts · 401 votes
    7y

    @Andy Ramdeen You can start with the BP events page, found here. I filled in all events within a 25 mile radius of NY, but scroll down if you'd like to change the search. You can also search for your local REIA group (Real Estate Investors Association). Lastly, I'd check meetup.com for anything that might look interesting. 

    I imagine NY would have a lot of options. Just gotta dig around a bit. 

    0Reply
  • Michael Ablan
    Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
    7y

    @Andy Ramdeen  Establish your roles and responsibilities at the very beginning.  Hash it out and get it out on paper.  I've taken on partners to do deals.  Sometimes the partner only supplies funding, sometimes they provide funding and work, and sometimes they do all the work.  It just depends on the deal.  At the moment, I'm in the mindset that the more deals I get under my belt the better, because the only way I learn is through hands on experience.  My progress would be dramatically slower if I tried to do everything on my own.

    0Reply
  • Elizabeth Pare
    Investor · Tampa, FL · Member since 2018 · 16 posts · 4 votes
    7y

    @Jack Medford thank you for posting that damn link I’ve been trying to figure out how to search events for ever! Lol

    0Reply
  • Jack Medford
    Investor · Nipomo, CA · Member since 2014 · 366 posts · 401 votes
    7y

    @Elizabeth Pare Haha, glad I could help!

    0Reply
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