Summary: A good business partner can change everything in real estate investing. If you’re considering joining forces by creating a business partnership – read this first! We’re sharing what to look for in a business partner so you can crush your combined goals and build wealth together!
Did you know that being a real estate investor doesn’t have to be a lonely path?
In fact, partnering up with another investor can have a lot of benefits – like more investment capital, higher returns, and different ideas and skills brought to the table.
When it’s a good fit, having a partner can be a great way to grow your wealth through real estate investing.
Of course, like any type of partnership, you want to make sure you’re making the RIGHT choice. Because honestly?
The wrong partner can be the opposite of helpful in your investment journey.
We’ve allllll been in one of those dreaded group project situations, right? 😱😱
You get paired up with someone who brings down the whole group, lowers everyone’s grade, or makes the process miserable.
Umm, no thanks!
We don’t need that kind of energy when it comes to working toward financial freedom and lasting wealth.
That’s why we’re here! We’re sharing all the deets about forming a business partnership to take your real estate investing to the next level. You’ll learn if partnering up is the right move for you, and what to look for in a great partner – if you choose to find one. No one needs a bad business partner getting in the way.
But a good one? Well, a good business partner could help you reach even greater heights on your investment journey. 👌
Here’s what’s up today!
- Why you may (or may not) want a business partner
- What to look for in a potential business partner
- Top 10 questions you should definitely ask your potential partner
Why you may (or may not) want a business partner
First of all, you do not HAVE to have a partner to form a real estate investing business. We just want to say that right up front. Many people can form their own businesses without looking for a partner to team up with.
The main reason for NOT having a business partner is control. Some investors prefer to remain in total control of all decisions, like what investment deals to choose or how to allocate investment funds.
And we totally get the desire for control… because we’re like card-carrying members of the CIA (control issues anonymous). 🤣🤣
But there are some limitations that solo investors may face that a partner could help overcome. For instance, sometimes a great investment deal is out of reach if you don’t have enough capital to fund it yourself. Why should you miss out on an amaaaazing opportunity, if there is a simple way to get in on the action?
A business partner could help you gain access to bigger, better deals by contributing funds. Or, let’s say you DO have enough investment capital to get into those big, lucrative deals. Just being able to share the financial load with a partner can cut out some of the risk of doing it all by yourself.
The right business partner can also help fill in the gaps of your own skills and expertise. ✨
Let’s be real 〰️ we all have our strengths and weaknesses.
You may want to partner up with someone who can add value to your business by bringing different skills, ideas, backgrounds, or visions to the partnership.
So, while venturing out on your own is absolutely possible, you might find it super rewarding to have someone you can rely on, bounce ideas off, and pool resources with.
Finding a business partner can truly take you to brand new heights as a real estate investor. But you also need to do plenty of due diligence, to make sure you’re choosing the right partner.
What to look for in a potential business partner
When we talk about forming a business partnership, we don’t just mean grabbing your friend and putting your money together in the next investment deal you find. Butttt, we also don’t suggest forming an alliance with someone you simply don’t enjoy being around.
As with every investment decision, it’s all about doing your due diligence. A solid partnership is made up of shared goals, mutual support, different skill sets that compliment each other, and – of yeah…likeability.
That’s right. You do want to actually LIKE being around each other. 😉
You also get to choose what you want your business partnership to look like.
Some partnerships involve one person being more active than the other, while some are more equal in effort and involvement.
What’s important is that both players are fully on board with how the partnership will look. Being on the same page about what the roles are for both partners is absolutely essential. If you go into a business partnership with unclear expectations or miscommunications, you could be putting your future wealth in jeopardy.
But, don’t worry.
We know a thing or two about finding business partners – as far as what works and what doesn’t.
Here’s a list of things you can do to set you and your business partner up for a smooth working relationship, and as much success as possible ⏬
Make sure you’re aligned on goals
This first point is quite simple. It just doesn’t make sense to start a partnership with someone who wants different results than you. If your goals are not aligned, the partnership will be strained from the very beginning.
Understand each other’s skill sets
Get very familiar with what each of you are bringing to the table. One partner may excel at one area of the business, while the other can pick up slack in another area. It’s not always perfectly balanced, since you may decide to have one partner more active than the other. But knowing where you both stand is very important.
Really try to get to know potential partners on a deep level
Here’s where some business partnerships fall short. They focus solely on building the business and working aspects of the partnership, that they forget about the people part of it! Remember to be human beings by nurturing the relationship on a deeper level. This will not only make your working relationship smoother but will also make the process of investing together more fun.
Start building trust right from the start
Trust is eeeeverything in any successful partnership. You simply won’t get very far without it. A good way, in our experience, to build trust is through shared interest. Try to find some common ground between you and your partner. It will help open the doors to a deeper bond and a more solid foundation.
Set very clear terms and expectations
Don’t skip this step, okay?
Once the cash starts flowing and business takes off, you don’t want to be scrambling to figure out the basic details of your partnership.
Hammer 🔨 out the expectations, goals, and roles in the very beginning.
You don’t need to go overboard, but you do need a written out set of terms for the partnership.
As long as you’re fully prepared and clear about what you BOTH want out of the partnership, you’ll be on your way to a happy, healthy, rewarding business relationship. 🙌
Top 10 questions you should definitely ask your potential partner
Okay, now that you know the benefits of a successful business partnership, let’s take it a step further.
We’re sharing 10 questions that will help you gain insight into the person you may be going into business with. Asking these questions up font will give you a peek into their business skills, history, finances, personal preferences, and more.
After all, understanding your possible business partner inside and out is the best way to be absolutely sure it’s the right person for you. 😍
Here are the 10 Q’s to ask your potential partner:
- What is your financial situation right now?
- Have you had any past business partnerships?
- How do you feel about taking risks?
- What’s your crisis management style?
- How do you define success and failure?
- What’s your communication style?
- Can you share a goal you’re currently working towards?
- What’s your schedule like, and how much time can you commit to the business?
- Where do you see this business going in 5 years? What about 10?
- Do you have a preferred exit strategy?
And that’s it! You can reword these questions to make them yours or even add more based on your personal goals for the partnership. We just want you to feel totally confident in your new alliance, so you can crush your goals, build a successful business, and start creating sustainable wealth together. 🥰
Now, if you have any questions for us, we’re 100% here for you! If you’re thinking about venturing into the world of real estate investing – with or without a partner – we’d LOVE to hear from you!
💌 Just send us a little message to let us know where you’re at and how we can help in your investment journey!
GET ME ON THE KITTI FREEDOM CLUB
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