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Is it possible to find a good partner to work with or does most people go the solo route for investing or use joint ventures instead and still keep in control of the projects?
How to Find a Good Partner to Work With?
- Thread starter UTCVenturesLtd
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- Oct 10, 2007
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Of course possible but not easy
Two biggest factors to increase chances of things going smoothly are:
Have all details figured out in written contract at start of arrangement - What happens when there is cash needed? When one person wants out? Refinance? Decisions on capital improvements? sale? etc.
Is partner trust worthy and solvent... If your partner is highly leveraged, spends a lot, and doesn`t have a consistent income to support it from there job, there`s a good chance at some point they`ll want funds from the venture when it`s not ideal.
Two biggest factors to increase chances of things going smoothly are:
Have all details figured out in written contract at start of arrangement - What happens when there is cash needed? When one person wants out? Refinance? Decisions on capital improvements? sale? etc.
Is partner trust worthy and solvent... If your partner is highly leveraged, spends a lot, and doesn`t have a consistent income to support it from there job, there`s a good chance at some point they`ll want funds from the venture when it`s not ideal.
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- Oct 16, 2007
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- 758
I think you need to ask yourself `What do I need a partner for?"
The best partnerships work becuase the abilities of one partner are complemented by the abilities of the other partner. So if you recognize there are areas of business and/or real estate that you need some assistance, it would be beneficial to partner with someone who has those skills or abilities already.
I worked with a partner from the start when investing. I live in BC, my partner lives in Alberta. I took on the responsiblities of the financial side, and he is responsible for the hands on side of property management. To date, it has worked really well and we managed to make it further than I think we would have if we went at it alone.
The best partnerships work becuase the abilities of one partner are complemented by the abilities of the other partner. So if you recognize there are areas of business and/or real estate that you need some assistance, it would be beneficial to partner with someone who has those skills or abilities already.
I worked with a partner from the start when investing. I live in BC, my partner lives in Alberta. I took on the responsiblities of the financial side, and he is responsible for the hands on side of property management. To date, it has worked really well and we managed to make it further than I think we would have if we went at it alone.