Finding a Partner to Multiply Your Investing Ability

[Dale Osborn]

Many people involuntarily find themselves involved with real estate investing. They stumble around making all kinds of mistakes as they are looking for guidance or training to help them along their path to wealth. Sometimes they find assistance - other times they continue to stumble around the world of investing. At some point they reach a stone wall and realize that to make any further progress - they need to find someone to partner with. If you were in their shoes looking for a partner what would you look for? I have put together some items below, but know there are probably many more aspects to look at. Here is the skeleton assembled so far:

1. Skills of each potential partner
2. Credibility of each partner.
3. Trustworthiness of each partner.
4. Assembled team to do repairs/rehabs.
5. Knowledge/Experience of each partner.
6. Credit worthiness of each partner.
7. Who gets to be in charge to make the hard decisions?
8. What kind of percentage splits?

These are a few items to look for when looking for a partner - what would you add to the mix?

Along the same line, for a good partnership to work, it needs to be well outlined in writing before even doing anything else. If you cannot agree on how things will be set up it would be a waste of time being in a partnership with that person.

What would you place in your real estate investing partnership agreement?