Do you need a partner to have a successful real estate investing business? Is it better to work with someone else or go it alone? Are two heads better than one? These are some of the questions I’m going to attempt to answer for you in this post. There are no right or wrong answers, only different scenarios for different people. I’m going to give you my veiw on this subject.
When I started my business, I began by getting a partner. I felt I needed someone to help ensure my success. I quickly found that it’s very hard to get two people to work with the same passion and intensity. One person may start feeling that the other partner is not carrying their weight. That’s how I started feeling after a while. I felt like when the money eventually started coming in, there was no way I could take care of his family and mine. I didn’t want that responsibility. We went into the arrangement with the idea that we would both work hard and both reap the benefits. It didn’t turn out that way.
So, the partner scenario really didn’t work for me. The only problem was, by the time I realized where things were going, we had purchased four properties together. When he let me know he was done, I had to refinance the properties to get him off the mortgages. That process took a year to complete and a bunch of wasted time. I could have been growing my business instead of worrying about getting out of the partnership! My insecurity cost me a year and way too much heartache. If I’d just had the convidence I have now, I would have never went through that whole ordeal. The partner and I are still friends to this day. He didn’t keep up our dream of being real restate investors. Well, I guess it wasn’t really his dream, just mine.