Looking for Nebraska real estate investments? You’ll find that working with a partner opens doors you never thought possible. How do you chose the right partner? We offer tips in this post!
Many Omaha investors, especially those new to real estate are a little nervous about the competition. The idea of collaborating with other investors in your community may be challenging to you. While there are some fierce competitors in real estate sales, investors tend to be a friendlier crowd. If you’d like to understand that mindset better, I suggest you read The Go-Giver: A Little Story About a Powerful Business Idea by Bob Burg. Many investors have read and embraced the ideas in this book.
There are many positive effects of working with other investors. They can share knowledge, leads, and even deals with you. It’s worth noting that many investors pass on deals that don’t meet their criteria and will choose to pass it along to another investor. Developing great relationships can put you in the position of being that investors. In fact, it may open all kinds of doors for you. The first step is to make yourself accessible to others, so you can find great partners.
What To Look For In A Partner
Do they know the business and know the market? Do they have a strong desire to continue learning? Great investors are always learning and always keeping track of the local market. These factors will give you and them an edge over competitors. You should also look for someone that compliments your knowledge. In the best partnerships, you see combinations like “back office” and “networker”. Or “numbers” and “people”. It might also be “running the business” and “running the rehabs”. Having distinct expertise will allow you to accomplish much more together.
Consistency & Honesty
People approach business differently, and it’s important to find a partner that reflects your perspective. For me, it’s critical that they have deep integrity and are always be true to their word. When you observe them with others and how they speak of others, do you see solid ethical values? If you see them excusing dishonesty, no matter how small the infraction, you can expect them to do so with you as well. The ideal partner will also be capable of following through on their commitments. That’s particularly important in a business where finishing projects on time can make or break your real estate investment.
Let’s face it. Some people have great ambitions for their business, a drive, and energy that’s hard to quantify. Some call it hustle. The worst partner is one that’s running in a different gear (to use a car analogy). If your ambitions are similar (both operating on all cylinders), you can accomplish tremendous success. If one partner is always falling behind and the other has to pick up the slack, you’re likely to wear out quickly. Do don’t need to have grand ambitions to take over the world (or acquire 1,000 rental doors), but you need to have similar goals to your partner. If one person is consistently doing more work and putting in more effort, resentments will eventually develop which could lead to a bitter end of the partnership.
When in a real estate partnership, be sure to check yourself too. Make sure you are doing your share and not reliant on your partner to get everything done. You need to pull your weight, otherwise, your partner won’t likely be your partner for very long.
Where To Find Real Estate Partners
Networking Groups & Meetups
As an investor in Omaha, you need to get out and talk with other investors. Local meetups and networking groups are a great place to meet like-minded individuals. You’ll meet investors, buyers, lenders, contractors, and others in one place. Many great relationships and partnerships are formed at these events. Try to attend an event once a month or so to keep your presence known. Let people know you are available and can be of service.
Online networks are an increasingly effective source for finding partners. If you want to meet people like you, go where they are going (fish where the fish are). You’ll find virtual watering holes on social media sites and many more on dedicated sites, like BiggerPockets. You’ll find lots of folks, local and remote, who can join your journey.
Closed Sales Data
This may be my favorite. Look for someone who is buying and who’s buying style you like. You can access property sales information with a little effort. In addition to the big real estate sites, check out public info (especially the assessor’s site) and local property appraisers. When you find someone that looks promising, simply give them a call (you can use a skip-trace service to find their phone number). In addition to a potential partner, they may also be willing to become your mentor. Just don’t be afraid to reach out and say hello.
Making connections with potential partners can alter your real estate investment career for the better. It’s easy to focus on your own business and property deals, never getting out to meet others. If you find that working for you, imagine what your business could be like if you had two smart people working together.