Do You Know When To Use A Partner?

Many new investors are looking for a partner when what they really want is a friend... that is, someone to talk to. And, partnering up could be a monumental mistake.

The first question to ask yourself is why do you want a partner? Here are two valid reasons.

1. To Overcome our shortcomings including:
Knowledge
Money
Skills

2. To divide the workload or risk.

Unfortunately, most people ask somebody they like to partner up and on the surface it seems like a good idea, but is it? What does the other person bring to the table? Do they have something you don't?

If all they possess are the same or very similar skills and a smile then in all likelihood you don't need them and they don't need you. But, if you have the knowledge and time and they have the money then that's another story.

Before you partner up with anybody make a list of each person's strengths and weaknesses to ensure you compliment each other because two people that like each other and have the same skill sets are likely to have problems working together. Why? Because both people will want to do the same things, avoid the same tasks, and think they could do the other persons job better. But, two people with different skills will work together well because both people will be working on their strengths and their partner covers their weakness.

When you look at most people's real motivation for a partnership it often comes down to money, or lack of it. In these cases you would be much better off to find private financing on your own then to form a partnership with somebody that is broke.

In Kick Ass Wholesaling and Instant Real Estate Profit Pro we talk about obtaining private and have a simple system for getting it. You might want to review those sections before getting into a partnership you'll regret. And, if you do get into a partnership make sure you have a written agreement!

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