EP 83: Four Questions to Ask Yourself Before Entering Into a Partnership

The first thing you need to ask yourself is: why do you want a partner? What do you lack and what do you need in a partner?

1. What does your partner know that you don’t know? Do they know something about getting private money, fixing houses, selling houses, internet, or mortgages that you don’t know?

If they know exactly what you know, then two people who know the same exact things do not make a stronger team.

2. What do you like to do? What does your partner likes to do? If you both like doing the same things, then who is going to do the stuff that neither one of you like to do? Ideally, you should partner with someone who doesn’t mind doing the stuff you don’t like to do, and you don’t mind doing the stuff they don’t like to do.

3. Are you making a detailed, written agreement outlining who is going to do what and how the money will be divided?

4. Do you like real estate investing? Do you have a passion for it? Does you partner, or are they just in for the money?

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