Partners or on your own?

[Kristin Horowitz]

Hi guys, I've discovered REI in the last six months and been reading voraciously while I get into a position to get into the deep end of this stuff.

But I have a couple problems/questions:

1. My family have all done real estate investing and I would say they were not very successful. They just didn't know enough going in, the market dropped out, etc, and I do not want to be a victim of this.

2. I live in a very expensive area - the median price for a 2 bed/1 bath is $500,000. We're looking at possibility of doing FHA loans for a multiunit situation but I have dogs and so less flexible with that option. (Currently rent, for very cheap.)

3. I have a mentor that invests a few hours out of the area where all of this makes a lot less sense. She says she's interested in partnering with me, but generally I find that partnering just means equal work and less return. I don't know her extremely well, so am wary. She really wants me to attend Rich Dad Poor Dad sessions, but I'm wary about spending money on something like that when I can learn it in other ways (I'm pretty good about self-education).

But come the end of the year, I should have enough to be able to move on my options above if I want to. But rather than feeling confident, I'm not (mainly because of #1). Would you recommend a partnership in my situation or do you have any advice for people who are ready to do it, but just afraid to pull the trigger because they know they don't know enough yet? (And generally, I'll feel this way for many years . . . I like to UNDERSTAND everything. It's a fault.) :D

Thank you!