Finding Investment Partners?

[Conor Colburn]

Hello guys,

My name is Conor, I'm owner of a local Interior design firm here in Los Angeles and I have years of experience with real estate investing and home building. Id like to hear how you guys have found investors and partners for different real estate projects you have worked on. I know many of us are always looking for great investment partners to work with, and I know there are so many awesome real estate investors and builders on this BP forum that can share their experiences with us.

We all have different strategies for finding great investment partners, and sometimes they come from the most random meetings and the most random of people, including family, neighbors, family friends, other parents you met at your sons soccer game or school play, etc. You never know who you might run into or start working with and there is so many people looking for great investment oppertunities, they are out there, you just have to find the rite person to partner with. Its all about networking and finding the perfect partner that you really want to start working with.

So we would love to hear any good ideas you guys have and any past successful experiences you want to share, and if you have any good strategies or advice for finding and meeting new investment partners. I know there are many different types of local Real Estate/Investing Groups, forums, and websites, with Bigger Pockets being the best in my opnion. Many people on here would love to know where might be a good place to start building new relationships and meeting great new people in the industry.

I am a successful designer and home builder and Im alwayslooking for great partners to start working with. If you guys have any good techniques to finding local investment partners in the Los Angeles and San Fernando Valley areas that would be awesome and I would really appreciate anything your willing to share. Thanks so much!!!

Conor Colburn

[Ian Tudor]

@Conor Colburn - I have a few been apart of several partnerships in my life. Some were close friends, other old bosses, and some I found online. 

These are the qualities that I now use to weed them out. 

Responsiveness - How quickly does it take to answer a question or email? I was in partnership with one person and it several months and multiple follow ups to get him on the phone. It was hard to do business this way. 

Understanding - What happens if the investment goes south? How will they respond? I purchased a property, and it took close to 5 months before I sent out the first distribution. It was supposed to be soon after taking over. The investor was understanding and supported the strategy. 

Autonomy - Do they need a hourly check-up? Can you trust each other to get the job done? 

Competencies - What skills do they have that you don't? I use to be attracted to people that had similar skills that I had. It isn't an effective partnership. 

In any industry, I've found that personal recommendations from other people that are not incentivize to give good reviews is helpful. Reputation speaks volumes.

It might help to start small and then reassess after a few months.

Also, take a list of the things you aren't good at but will need to be accomplished for the real estate business to thrive. Seek out those people. 

I haven't found any fool proof way to find great partners. It's hard to know how someone will act when the wind isn't favorable.