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Real Estate Partners - A Good Idea?

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




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