Posted by Jimmy on May 13, 2006 at 08:38:03:
Her’s my feeling about partnering up. It will complicate your life and your biz, so don’t do it unless there is a really good reason to. and try to think of an alternative way to engage the partner, without making him a partner.
if your partner has cash, and you don’t----that’s a pretty good reason (for you, but not him). but first, i would try to get this person to be a lender, and not a partner. Lenders are easier to deal with and eliminate.
if your partner has construction skills, and you don’t. same goes. if you can engage him as a vendor, you will be better off in the long run.
if your partner has deal-finding ability, and you don’t. try to compensate him as a bird dog, if possible.
if your partner has a succesful REI biz and you are just getting started… not that’s a great situation for you to partner up (but not for him).