| We were looking for real estate partners
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| | unpredictable, but the ceiling was a bit
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| because we were new to the Tucson area.
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| | low.There were plans and new plans, and
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| We found that two identical houses here
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| | weeks of stressful anticipation evolved
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| can be $50,000 apart in price if they are
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| | into stressful worrying. We discovered
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| three blocks apart. Also, the styles are
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| | that the houses in the area were selling
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| different from anything we had in
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| | for less than we initially thought, that
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| Michigan, so it would be good to have
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| | the rehab cost would be more than we
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| some help figuring value and what buyers
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| | thought, and that all the other partners
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| want.At the Arizona Real Estate Investors
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| | expected to do much of the labor, rather
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| Association meeting I announced that we
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| | than hire it out. The profit projection
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| had money to invest in fixer upper real
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| | dropped from $25,000 each to $10,000, and
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| estate, and we were looking for partners.
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| | we felt there might actually be a loss.We
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| The host wrote our names and phone number
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| | dropped out of the deal. Fortunately the
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| down on the overhead projector along with
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| | other partners had procrastinated for
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| the others. About three days later we got
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| | several weeks on the signing of the joint
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| a call.Sam and Nikki were nice people,
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| | venture agreement. They also were decent
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| and we got along well when we met. Their
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| | people, and had noticed our anxiety.
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| offer had been accepted on a house.
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| | Nikki called to suggest we let them find
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| Looking at the comparison sales they had
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| | a way to finance it without us, about two
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| found, it seemed like a good buy. They
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| | minutes before I was going to call to say
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| had done rough estimates of the rehab and
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| | we were out. It ended amicably.We learned
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| remodeling costs, and it looked like we
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| | a lot. I've had partners before, but I
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| could make some money. There would be a
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| | let the partner take my money and do his
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| third couple involved, so the expected
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| | thing to make us a profit. This group
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| $75,000 profit would be split three ways.
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| | decision-making, especially with so large
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| Agreeing in principle to the deal, we
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| | a group, just doesn't work, at least not
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| arranged to meet the other partners at
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| | for my wife and I. One day, standing in a
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| the house after closing.Too Many Real
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| | Home Depot hopelessly looking at
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| Estate PartnersSix people with six
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| | carpeting samples, I also realized that
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| opinions can be a problem. I never
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| | non-financial contributions need to be
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| understood why the beautiful wood floors
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| | clearly defined according to each persons
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| had to be torn up and replaced with
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| | knowledge and skills.We truly hope they
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| carpet. For that matter, I never
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| | make a lot of money on the project. If
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| understood why they couldn't at least be
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| | they do, we may even be willing to be
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| carpeted over without the expense of
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| | partners with one or the other of the
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| tearing them out. Both my wife and I
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| | couples. If so, though, we'll just look
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| thought it was a crime to stucco and
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| | at the plan, put up the money, and let
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| paint the beautiful brick exterior of the
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| | them do their thing. That's my idea of
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| house, but were assured that buyers here
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| | real estate partners.Steve Gillman has
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| would like that better. Raising the roof
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| | invested in real estate for years.
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| of one room seemed expensive and
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