Should You Have Partners in Real Estate Investing?

“When you see a turtle on top of a fence post, chances are he did not get there on his own.”

By Senate Eskridge

One of the most important things to consider when developing partnerships in multifamily real estate investing, no matter the size, is to know your role and make sure that the people you’re working with have a complementary skill set.

Notice I said complimentary, not the same. If you’re the exact same personality, you wouldn’t need both of you. There’s so many reasons why; for example, if everyone around you told you yes all the time, why would you need them?

When I have just one person I’ve done a deal with, I’ve made sure that they can do something that I can’t do or simply don’t want to do. So figure out what it is that you’re good at, what you want to do, and focus on those things.

Are you great at evaluating a deal?

Are you great at asking the right questions?

Are you great at talking with investors and getting them onboard with a deal?

Are you great at negotiation?

Are you a great operations person?

It’s important to know yourself, your personality, your strengths and weaknesses, what your genius is. Know what you care about, your values. Know what drives you. Know your behavioral style and how you come across to people.

There’s an old saying: “When you see a turtle on top of a fence post, chances are he did not get there on his own.” In multifamily real estate investing, finding the right partnerships is crucial. If you’d like to learn more about what to look for in a partner, reach out to me at senate@senateeskridge.com