What is the best way to find a real estate partner?

Question

Hey everyone! The longer I help people in real estate the more I understand that this is a "people" business. I formed a relationship with an investor and we work together for 2 years. Then the investor ghosted me this past summer and I never heard from him since. We were about to do deals together.

So now I'm trying to find a reliable partner. I'm a realtor so I can find great deals to invest in, but I need a reliable partner who can help with some of the financing. How have you guys been able to find and build great partnerships? Thanks in advanced!

Nathan Gesner · Answer

Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

Madison Wilson · Answer

Hi Chris! I love this take. I think it is very cool to go in with other likeminded individuals to achieve your goals. I would first start with who is closest to you, and then narrow it down to who has similar goals and could handle the financial and time aspect of investing. If you cannot find anyone within your circle IE family or close friends, I would begin to network with other agents and brokers who have an inside hand to the market, and specialize in investing themselves, professionally and in their personal lives. They may even keep an eye out for individuals interested in investing but not quite there yet on their own. Start opening up that conversation and I am sure you will find someone who aligns. Best of luck!

Taylor Dasch · Answer

Love this question, after using HML for my last two deals, My next goal will be to find a good partner who can fund the deals.  My plan is to vet a few potential partners and then show them exactly what I bring to the table - I will bring them the deal with the PP, ARV, a contractor estimate for the rehab, as well as options as far as terms go. I think that having a great partner will allow you to scale your portfolio much more efficiently than using HML or Conventional.

Patrick Drury · Answer

@Chris Wilson  Attend local meetups or join a local REIA near you so you can meet in person with local investors and network with them and build relationships.

Peter Mckernan · Answer

This is something that takes time, it is nothing that happens overnight and as you can see the 2 year relationship did not pan out as you suspected either. The best option should be to go to meet ups, meet those local people in your local area see what they have done in their past and show that you can be a person of value. Bring them deals, run numbers and continue to build up that rapport with a person or a couple people. After you build this then maybe you do a small deal together (make sure it's in an operating agreement) then you can build on it from there! Good luck!

Billy Daniel · Answer

Getting plugged into local real estate investor groups is a great way to meet a wide range of people and investors.  Inevitably, people will ask "what you invest in" and you can give your story.  Eventually, you'll find someone who shares that story and your goals.  When you enter into a partnership, make sure you discuss future goals.  For instance, my partners and I know that we will eventually sell our current investment in order to move into a larger multifamily.  We also generally agree on methods and goals.

In the end, you're absolutely right.  This is a people business.  "It's not your net worth, its your network"!

Sergey A. Petrov · Answer

This comes and goes. People’s goals and objectives change and you have to adjust. If you are looking for a business partner for life, it just doesn’t exist. Multiple partners for different things, multiple relationships that work today but not tomorrow. It is fluid.

Eliott Elias · Answer

Someone who will even you out. For example, i'm extremely optimistic and see the best in people always. My partner brings me back to reality and makes sure things work from a business standpoint

Jim Pellerin · Answer

@Chris Wilson you can always post in the classified section of bigger pockets

Justin Miller · Answer

Hey Chris, my name is Justin. I’m pretty new to real estate investing myself, so I don’t have many long-term relationships built up yet, but to take a shot at answering your question I believe that finding a great partner comes by discussing the goals you both have for your real estate strategies, your values, and your purpose for doing so. Transparency and a strong WHY creates buy-in with people.

You could also creating a list of vetting questions, but that may seem shallow to some people.

Be candid, Be respectful, and be open minded. We may get burned sometimes, but we can always continue to move forward.

What is the best way to find a real estate partner?

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