[Aemi]

I’m looking for a long term partner. What would make me a great partner? I don’t have a ton on Capitol to invest but I have time and an overload of ambition as a newly single mom to a 9 month old.

I am seriously so hungry for my first opportunity. I know the business as I managed my moms 3 rentals. I know I can make it successful. i just need someone to take a chance on me. Like the Abba song

So, Yes pls share with me all your wisdom on what I need to do now, study, work on to make me a fantastic partner. I want to secure first property this year and get rockin.

[Ross]

Ask around. There are real estate investor groups all over that meet periodically. Just be prepared to split the profit pretty heavily… Capital is worth way more than knowledge/experience.

There are loads of people who know what to do.

Only a few have the discipline to accumulate capital.

[Charlene]

Where?

I was looking for the same, I’ve been a landlord for more than 30 yrs. But the problem I ran into in trying to find a partner was that the money I had to invest was cash. No mortgage. But the partner I’d considered had smaller amount of cash and needed to mortgage the rest of his share for the property. And there was no way for him to borrow money to buy half the property without me being affected. His bank would put a lien on the entire property, not just his half. And that meant that even though I wouldn’t have a mortgage my half of the property would be used as collateral for him. It would put my investment at risk in that if he failed to pay his mortgage I could be forced into foreclosure.

Then I ponder the idea of the both of us just putting an equal downpayment, like 100K each, and we’d both mortgage the property for the remainder. But with the high interest rates, high property taxes etc I ran the numbers and saw that we wouldn’t be cash flow positive, if there was a mortgage on the house. So it didn’t make sense for me.

Useful: I did have a CPA file the taxes but are there CPAs that specialize in rentals?

[Ed Griffin]

Work for a real estate office as a property mgr.

[Luke]

You don’t have to own/buy real estate to be a real estate investor, even a full time one. Do you have enough capital to lease a property that would work for your plans?

Also, you could work servicing other people’s short term rentals in the area.

It would bring in some revenue, build connections with property owners who might think of you first if they ever want to leave the business, and potentially provide you with economies of scale for if/when you get your own properties running.

[Kay]

The elephant in the room in regards to partnering is having your goals aligned and a rock solid partnership agreement in writing from an attorney.

Don’t do it without something solid in writing. People change and their goals change. Someone gets married or divorced, what happens fo the partnership? One person needs cash and wants to sell, what happens? Heck what if one of the partner dies? So many situations.

Suggested: I am heavily invested in Real estate

[Dan]

I would take a different approach. Find a small Mom/Pop RE management company and offer to work part time. You probably don´t know as much as you think you do. You can take the little bambino with you on your back and people will think it´s cute. Learn/save as much as you can in 5 years.

Then, you probably won´t need a partner becuase you will already have the knowledge, skills and capital to do it on your own, and other people will come to you rather than the other way around. It will take you probably 20 years of grinding to make any real money, especially in a higher interest rate environment. A partner now propbably won´t do much good.

[John]

Without capital to invest I hate to say you’re likely more of an employee than a partner.

I would find an investor or multiple investors who each have multiple properties that you can short term manage. Kick ass and prove yourself hopefully to the point that the investor(s) not only want you but needs you as a partner going forward. IMO you have to prove your added value in lieu of capital and that’s a challenge that takes time.

During the process, save as much as possible and try to leverage your savings to build your own real estate portfolio. Some people have been able to do this via subletting leases which may require less capital than purchasing real estate. The potential downside is you miss out on property appreciation. You also have to read lease agreements very carefully to make sure subletting is allowed (especially short term).

Either way, be prepared for a longer and harder road than those starting out with a bunch of capital already.

[Author]

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