OfflineHello everyone, I need some input. I met another investor, (not affiliated with DG - although I did invite him to the site and he signed up)and he would like to meet up and work together (form a partnership). He seems like an awesome person and I feel he is very trustworthy. He has locked up six houses but not had any deals go through (just lost good profit on Friday - closing went bad - something with his agent.) Here is where I come in. I think between this site and my coaches we can identify if there is some problem and we can work together to close on properties. He has more listed and a website where he said I could list any I might lock up. Since I have not done any deals yet (very anxious though) I was wondering if I should jump in and partner with him. We would have a lawyer help us if we set up an LLC or Corp. Any advice?
Michel
If you just met him recently, you might want to contract some sort of agreement and try one deal together before full-fledged partnership in a company. Then when you see how well you work together, and build a trusting relationship, you could form your LLC. Just my thoughts. (Anybody else jump in if I'm sounding overly cautious.)
Good luck and I wish you all the best!
Rina
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I really appreciate your input and enjoy reading your posts. It's OK to be overly cautious (keeps you out of trouble.) We are getting ready to have our firt meeting (we have literally spent hours talking on the phone and we have only talked a few times.) I will definetely proceed with caution and make sure I have checked everything out thoroughly. Thanks again!
Michel
It appears Rina gave you some great advice about first doing one deal, such as a "joint venture". Also, spend some time talking with the person and others that may be associated with him. A good partnership is made when 2 or more parties have something to bring to the table to compliment each other's skill, determination or drive.
Partnerships are usually formed because one person alone can accomplish more by pulling resources. Therefore, if it is something you can do on your own you may consider it, but if you see more benefit with having a partnership then it can work out too. It is always best to hope for the best but plan for the worst with partnerships. Good luck with investing. Believe and Achieve!
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Always nice to hear your thoughts. We may just end up doing a few deals together but we'll see. I figure doing some deals with someone else and getting some experience would be useful (that might be the beneficial part)
I will proceed with caution and hopefully be reporting on deals here soon. Thanks again.
Michel