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.
Hope it was helpful.