Beginning a Partnership with a Mentor

[David Nemrow]

Hi everyone,

I recently started my journey to invest in real estate by reading books, listening to podcasts, and going to meetups.  I was lucky enough to find a seasoned flipper/investor at my first meetup and since then have had great discussions on my goals in investing.  He is a very busy person (during one of our discussions, his phone was exploding as he was dealing with offers from investors on a wholesale deal he was assigning - great to eavesdrop on that conversation), and he would love to enter into a new market - just very little time to do it.  I suggested a location I was very interested in, and it happened that he was as well.  He made an offer that if I did the hustle, while he directs me to find the deals in the area, that he would help from an experience investor stand-point - financing, decision support, etc.

I'm very excited about all of this, but there is a bit of hesitancy on my part for a couple of reasons.  A lot of my concerns can be resolve through further discussions with him, but I wanted to run by the BP Forums to see what I should be wary of before I jump into a new partnership - make sure he isn't someone I do not want to be associated with.  Some of the ideas I have are the following:

• Ask for references of others he has partnered with.
• Be clear of expectations as this will be a side-hustle - I have a solid primary job
• Establish clear partnership agreement - equity/cash flow split, termination process, etc.

Any other red-flags you guys suggest looking out for?

Thanks for any of your ideas!

David