Partnerships- What burning questions do you have?

[Chris Tracy]

Regarding the acquisition of an apartment building... let's say 100 units... what would you like to know about if you've never done a deal before (especially a big one) and you want to partner-up with someone to work with (JV, a mentor or coach, like-minded person, etc.)?

[Chris Tracy]

@Frank Adams- for issue #1 here's the solution: Basically when you're talking to people in the industry (especially brokers) it's all about what you say. Here's a script you can use next time you get hit with the POF objection: "Ok... Here's how I typically do things... I can't show you POF at this stage because to buy buildings like this one, I ultimately will form a syndication and I don't know which investor(s) will participate in the deal. Know what I mean Mr./Mrs. Broker?" And you're not lying, that's how it goes and the broker should understand that. You can also explain that you keep your investors that you work with very private. Just keep learning the lingo of the business, get people to trust you more and more, and you will hear that POF roadblock less and less.

For issue #2: I would start with your local REIA, the Chamber Of Commerce, the Rotary Club, charity dinners, seminars held by IRA custodians and anywhere that people hang out that do well and probably have money that they really don't know what to do with it. Many times it's physicians, attorneys, chiropractors, etc. In the meantime, until you have your own database of private lenders and you can take stuff down yourself- bring deals to the various people in this forum!

Hope that helps!