Investor · Aspen, CO · Member since 2008 · 34 posts · 2 votes
I recently started my own real estate investing company. I took on a few partners, good friends, who wanted to help and had more money for financing than I. I love these guys but Im having trouble getting them over the potential "what ifs" of failure. Any suggestions? I already know that this will work because I will make it work and I am flying forward at full throttle. Im just getting tired of hearing about the 1001 ways it might not work as opposed to the 1 way that it will. Any help is very much appreciated. Thank you, jake
Investor · Aspen, CO · Member since 2008 · 34 posts · 2 votes
18y
Thank you very much for your advice. It is much appreciated. I know that eventually they will see. Probably about the time that we finish our first deal. I guess its probably just the growing pains that go along with not having the full autonomy I planned on when I began. I'm moving forward so fast and there coming along, just not even close to the same speed. Thank you again.
jake
Developer · IL · Member since 2008 · 17 posts · 1 vote
18y
It seems to me that you are doing all the work while they are behind you waiting for you to find the "perfect deal" and they finance. The problem that I'm seeing is that they're not sure of what you are doing that's why they keep having these "what if" questions a lot.
As you have stated in the post above, you are always on full throttle and they probably couldn't keep up. My advice to you is slow down a bit, educate them, get them on the same page you are, then you and your partners can take of all at once.
It's hard to fail when you have a knowledgeable team that works together.
Investor · Aspen, CO · Member since 2008 · 34 posts · 2 votes
18y
Thanks a bunch gentlemen. thats good advice. im working on that. they have families and kids, I have infinite free time when not at work so its tough to wait. but ill slow down and follow your advice. thanks again.
Real Estate Consultant · Member since 2008 · 792 posts · 30 votes
18y
they have families and kids, I have infinite free time when not at work so its tough to wait.
It's easy to swing for the fences when you are flying solo. Things kind of change once you have a munchkin, or two, or three. Be patient with your partners.
Here is a piece of advice that is not particularly PC, but here goes: He who walks alone, walks the furthest. This idea about running a RE investing "team" can be a farce. In my eye, there is an investor, and then a bunch of employees.
If you have the vision, and feel held back, then find a new way to get the money.
Investor · Aspen, CO · Member since 2008 · 34 posts · 2 votes
18y
Thank you for your advice David. It is agreed that we go out on our own once we are moving forward. We just have a little farther to go. Since I began this they topic I have spoken with them several times and they seem much more optimistic. Thanks for your time and advice.
Real Estate Investor · Terrell, TX · Member since 2008 · 30 posts · 4 votes
17y
Sounds like you haven't put together a good enough exit strategy to convince them that they'll minimize losses in the event the business is unsuccessful.
Real Estate Investor · San Francisco Bay Area, CA · Member since 2008 · 38 posts · 1 vote
17y
i know from experience how hard it to work with people who arn't on the same page as you... especially family/friends. A team that works together will always do better than an individual.. but a team that does not is worse than just being on your own. I would seperate from your friends when ever you get a good oppurtunity, and stick with people who are more educated and have a desire to work in this business. It is never a good idea to mix business and personal life.. NEVER