Flip Tip Summary
Partnerships are very common in real estate investing, but can easily fall apart over time. Roger Faulkner joins us for this FlipNerd.com Expert tip to share advice on how to build a real estate investing partnership that will stand the test of time, as well as how to maintain it to allow that partnership to only improve. It’s great advice…don’t miss it!
Flip Tip Transcript:
Mike: Hey it’s Mike Hambright from FlipNerd.com and we have a quick Expert Tip to share with you from Roger Faulkner, who is going to share a tip on how to build a successful business partnership.
Roger: Mike, when I started this, before I started the real estate business I did a couple of internet businesses. I went through more than one variation of partnerships and it really just dawned on me going through those partnerships and when I started this business in real estate and decided to go again the route of partnership, what I was doing wrong and how to do it right this time.
What dawned on me is that when you set up a partnership, whether its one person or five people, you’re building a team and even if you don’t have internal partners like I do, you know this is a team sport we’re in, we’re in real estate.
Mike: Yeah.
Roger: When you’re setting up your team, whether it’s internal or external, it’s just the way it’s successful, so you sit down, you all talk, and make sure you got the same goals. If you have the same goals, the same mind set, and you’re willing to divide up the labor so you’re not stepping on each others toes, those are the two critical aspects. People know their role and they know what their goals are. If you can get those two down, you’re going to go a long ways in a partnership. So that’s what I learned from trial and error and getting it wrong and finally getting it right.
Mike: That’s great, any tips on how to stay in tune with that over time? How to have sort of a tune up or a talk about are we still on the same page here and how to be proactive with maintenance if you will.
Roger: Sure, it’s just communication at that point. So you’ve communicated up front what his roles are, what your roles are. Then once in a while sitting down and reviewing that and see if the business has changed and if the roles have changed and making sure you communicate as you go and just having that attitude. There is that saying about you hire for attitude over aptitude, it’s the same thing with your partners.
If you got the right attitude, everything else will just kind of fall in line. It doesn’t mean you don’t have to work at it. I liken it to almost a marriage where both partners have to work at it. So everybody has to be working at it, but you’ve got to realize the big picture, of that its worth all that work and then you’ll be much more successful at the end of the day if you do partner up. That’s why I kept with the partnership format even after failing in partnerships in the past
Mike: Thanks for joining us for another FlipNerd.com Expert Tip. To access hundreds of tips and full expert interviews, please visit FlipNerd.com or join us in the iTunes store. We’d like to thank our sponsors RealtyMogul.com and National Real Estate Insurance Group.
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Please note, the views and opinions expressed by individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
