Feb 8, 2022
I’ve done more than 2000 deals and on most of them I had at least one partner. That’s a lot of partners and not all of them have been great. Today I’m going to help you sort out the whole partnership thing.
You can’t control who sits at the table where you are doing a deal. But you CAN control who is sitting on your side of the table. And you should. A bad partner can hurt you - can cost you and sometimes can ruin you. Good partners have helped me make hundreds of thousands of dollars and bad partners have cost me hundreds of thousands. In fact, I’d probably be a million dollars ahead of where I am now if I had consistently applied the principles I’m going to share with you today.
In my defense, I didn’t know these principles. I learned them while attending the Church of the Painful Truth.
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Announcements:
- $150,000 giveaway.
News and Resources:
- Some thoughts about the so-called non-disclosure states: https://www.oceancitytoday.com/business/real_estate_report/several-states-do-not-disclose-sale-prices-to-public/article_31fe9010-9dab-11e9-bf92-cb9ad3f9d4ec.html#:~:text=But%2C%20there%20are%2012%20states,not%20available%20to%20the%20public.
- This is a very nice summary of non-disclosure states and what to do with them. https://retipster.com/non-disclosure-states-map/
- The WSJ weighs in on non-disclosure states https://www.wsj.com/articles/the-states-where-home-prices-are-secret-11560956939
- You can get Privy. They are not affected by the data loss: Privy: http://bit.ly/getprivyprogram
- https://finance.yahoo.com/news/sothebys-international-realty-2022-luxury-180000220.html
- https://www.rismedia.com/2022/01/21/international-home-buying-trends-keep-eye-2022/
- https://www.jdsupra.com/legalnews/buying-and-selling-real-estate-in-3826577/
- https://www.geektime.com/op-ed-matan-pertman-rm-group/
Mindset Moment:
The Qualities of a Good Partner
- Honesty
- Value
- Responsibility
- Complementary Strengths
- Emotional maturity / stability
Starr Has Questions:
- How do you vet a partner
- Red flags
- before signing the dotted line
- A good deal/split for partnering on a first time flip
- Rules of engagement:i.e. (deeds, loan, operational agreement)