Partnership

[Turquoise Brown-Utley]

I was wondering about partnership and how the process goes.  I would like advice on partnering with investors on deals. I have an interest in multifamily units I have attended a training and enjoyed what was discussed.  I would like to know if there are any  investors out there  that will PM me with options as criteria for partnership. My situation is that I can research and find the criteria for a potential property  that could turn out to be a good deal. I would be in need of a partner to fund purchase I know that I would be in a certain position and not the 1st.  I have come a cross a few multi families that range from a 2-4 flat to a 33 unit building. These properties I have taken notes on and seem like good deals low vacancy to fully occupied properties. The areas of these properties are in Chicago, Ohio and Cleveland. I would like to act quit with sharing these with a potential partner because I know others are looking at these deals as well. I research everyday to see what others are selling and right now my list of multi families is growing I have at least 10 on my list.

[Leon D.]

You're not describing a partnership. What you are looking to be, is known in the industry as a "bird dog." That's someone who spends their time trying to locate properties with substantial investment potential. Usually, the intent is to find properties that are distressed and selling at a discount that can be repaired or remodeled and sold for a sizable profit. Bird dogs do this for a fee; for example, you bring five properties to an investor, and they pay you $250 or $500 or whatever for each one they close on.

If you want a partnership, you have to provide something more: money, rehab expertise, sales connections, etc. I, at least, wouldn't consider anyone who had nothing to lose on a deal to be a partner.