Updated over 5 years ago on . Most recent reply
Your experience on partnerships
What is your experience with your former/current partnerships? After reading discussions and listening to podcasts, some partnerships can tend to go sour. But I know that there are many successful partnerships out there! What were your strategies in finding a good partner? Was it a very reliable friend? Someone you met here on BP? How did you divide the work/earnings/etc.? Did you share an LLC?
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Never had to partner with anyone in real estate. Have thrown the idea around but never really needed one. I'm also small fries and am okay not having 100 units.
As for my business I was approached by another contractor/custom home builder when I got my master plumbers license who wanted to bring money to the table. He wouldve owned part of my company but I'd do all of the work for his company exclusively.
Looking back am I glad that I didn't do that. Sure I didn't scale as quickly but I dont owe anyone anything. I grew slowly saved money bought all my equipment cash and now I'm reeling in the benefits of it and get to choose everything I do. I have no one to answer to except myself.
Im trying to follow that model with real estate. While I cant afford to buy multi families with cash, I plan on continuing to try and put as much down on them in the future to pay them off quicker and really reap the benefits.