When to Partner on Real Estate Deals: Journey to 1000 Doors

Click to Watch Episode 4 of Journey to 1000 Doors

There are only two reasons to partner with someone in real estate:

1. They have something you don’t have- This could be time to find deals, expertise to analyze deals, or money to buy the deals.
2. They can help you reach your goal quicker- You may have the time, money and skill to get a deal done. But you’re only one person. If you have a larger goal and a short time frame to do it, you will need to find a partner that can help you get there quicker.

Number 2 is the reason that I chose to partner with Preston on the 1000 Door Project. I met Preston on another real estate deal that we did together on a commercial space in Covington. Our skill sets are complimentary and made for a good partnership.

Preston is outstanding at sourcing deals and developing relationships with brokers to get off market deals. And he is also outstanding at analyzing, and underwriting the deals. If Preston says it’s a good deal…it’s a really good deal.

The other reason the partnership is complimentary is because I like to focus on the big picture, whereas Preston is talented at focusing on the details. One thing that has been really helpful for me in determining the strengths and weaknesses to develop a partnership is to take the DISC personality profile test.

I am a high DI. And Preston is a high SC. This makes for a good combination. If you are thinking about partnering with someone, I highly recommend you both taking the DISC profile test because you could be great friends, and terrible business partners. If you get two people that are both HIGH DI, you are going to spend most of your time butting heads. Tony Robbins has a free version of the test if you google “Tony Robbins DISC TEST” you can take it for free.

So with Preston as my partner, I will be able to focus on investor relations and viewing the apartments to discover value ad opportunities, instead of being neck deep in underwriting and analytics. In that way, it will make it faster and easier to hit 1000 doors.