Posted by Chuck (AZ) on July 19, 2001 at 12:15:39:
My 2 cents worth…
Since you each have seperate strengths, then your “partnership” should be constructed and operated based upon that arrangement.
Your friend should do the rehab, you should do the deals.
I have 2 brothers, both younger than me. The oldest of the two is a wizard with his hands, a carpenter and licensed electrician. He has no business-sence tho, and lacks the necessary people skills to deal with the public extensively.
The youngest however, has been very successful in RE (as a realtor), and owns a very profitable retail operation in our home town (Indiana). He truly enjoys dealing with people face to face.
They’ve worked together on a few rehab’s, each doing what they do best, and it’s worked well for them. So much so that they both bought new homes recently from the cash profits they’ve made.
Neither one of them could trade places… it just wouldn’t work, and they know it… hense each performs to his maximun potential.
I have just purchased “Deals on Wheels”, and I am planning on starting to make deals ASAP. Here is my question. I have a good friend who used to fix mobile homes for a living, and I think he would make a great partner. I know he is interested, because he has mentioned it to me before. Would there be any problems to look for in a partnership of this sort? I would do most of the financial work and help with the fixup, where he would have exactly the opposite duties. Any insight would be greatly appreciated. Thanks to everyone for the posts previous to this one. I have been reading as fast and as much as I can.
After being in business owner for over 24 years,
my advice is do not work with a partner, especially
a friend. Odds are it will not work out. If
you need repairs or fix up learn yourself or hire
someone to do the job. Remember he that travels
the fastest travels alone.