Looking for Partners

[Jesse Carter]

No, this isn't a dating post (sorry, bad joke).  Good afternoon! A friend and I are doing all of the self-educating that we can muster at the moment and what I'm  stuck on at the moment is what is the best way to look for a partner?

My thing is, if I do the work and look for a property and approach someone to partner with, if I'm bring zero money to the table, what's to keep them from just cutting me out and getting the property without me? Do you have to have legal contracts to keep this from happening?

Also, what's the best way to find a partner?  I'm sure it's not a wise idea to walk up to an individual who I know is wealthy and say, "Hey! Want to use some of your money to help me make some?" Maybe there's a resource on BP or something else?

Any help would be great.  

I'm out of Augusta, GA by the way. 

[Travis F.]

Hi Jesse, I'm in the Augusta area as well! I would suggest approaching someone (friends or family is a good start) for a loan. I say that because i get the impression that you're comfortable finding/analyzing properties on your own and are just searching for someone to bring in capital? If friends and family aren't an option, there are plenty of people that are sitting on a decent amount of money and just have no idea on how to invest it. Just ask around.

As for being cut out of a deal, I think having some sort of contract is always a good idea. Plus, the REI community is pretty small so if someone is going around screwing people over, i'd like to think that people would stop doing business with that person.

The Augusta REIA meets once a month and is a good place to meet with other investors. check out their Facebook page for all of their details.