Partnerships Good or Bad

[Kenneth Garrett]

I have purchased a number of properties for flips and buy n holds.  Some with partners and some on my own.  I have had some great partners and still are partnering with them today. 

When partnering with people detail the responsibilities of each partner so the expectations are clear and concise for each party.  I have had partners who talk a good story but executing there responsibility is dismal.  Time and money are essential in real estate investing.  If a project takes to long; taxes, utilities, interest payments will kill your sweet deal.  Please conduct your due diligence on a project the same as with your partners.  Longevity of an investor does not insure execution of any plan.  Check out your partner by talking to other people who have worked with them to verify you have similar goals and work ethic.

Partners can fill-in the pieces you may not have or a temporary short for the time being.  It can be great but a bad partner can be devastating.

Share your good and bad partnering experiences and/or advice.