I'm going to talk about Partnerships real quick. So I have learned in this business that working together with other professionals is the BEST way to achieve any goal that you're going after. I definitely don't know everything, and rather than learn and master every facet of this business. I would rather share part of a deal with those who can do what I can't. I would rather leverage their skills. The net result is more deals for everyone.
As an example. I'm working on a deal right now with someone who reached out to me about investing here in Chattanooga. He really wanted to get into a deal in this market even though he doesn't live here. He also doesn't have a lot of experience investing in real estate and thought that we could partner together.
It just so happened that I had a deal in my sights that fit what he's looking for the best part about it is that I was about to pass on it because it's not exactly what I want to do. So because of this us partnering together, I believe that we are going to partner on this deal that I otherwise would have passed on and it allows him to do deal that he never would have been able to do by himself.
The net result is each of us does end up with a smaller portion of the deal, but if we both get to be part of a deal that we would never have done otherwise, I would say it's a net positive thing.
I'm not saying that all Partnerships are good thing. Of course just like anything else in this business you have to do your due diligence. You have to trust who you're going to work with. You have to bring something to the table. You can't expect to jump into a partnership and bring nothing to the table. So whether that is the funds or the knowledge or you bring a deal or you bring a professional like attorney or real estate agent, or maybe you just bring expertise. You have to bring something to the table in order for it to be a meaningful partnership.
There are a million different ways to partner and structuring it is just as simple as having a conversation with the person you are wanting to do the deal with. Maybe they bring all the money and they want 90% of the deal. Well, if all you have to bring them is a solid deal and being the boots on the ground is ten percent of the deal worth that to you. Maybe, maybe not. I don't know, but it would be a good way to get into a partnership.
Having money is definitely not a requirement when you're going to partner on a deal Partnerships can be really powerful way to get more done than you would otherwise be able to do yourself. Money is not a requirement to get started in real estate, but you do need to bring something to the table. Like I said, whatever your specialty is knowledge, boots-on-the-ground, relationships. I would definitely explore getting started with real estate by forming a partnership with someone that you know.