Mark Ijlal 8 Smart Questions you must ask yourself before taking a partner
1. What does your partner “know” that you don’t know? Do they something about getting private money, fixing houses, selling houses, Internet, mortgages – that you don’t know?
If they know exactly what you know – then two people who know the same exact things do not make a stronger team.
2. What is your partner schedule? Do they work the same hours as you do? If so then how would you get double the things done in the same amount of time?
3. What do you like to do? What does your partner likes to do? If you both like doing the same things then this is just doubling up the effort without getting double the results.
4. Do you like to read books? Go to seminars? Gather and absorb information? What about your partner? When was the last time they read a book or got some “new information” between their ears?
5. Why do you need a partner? Are you getting one so they can help your business or are you getting one because you have nobody to talk real estate with?
6. Are you doing a detailed, written agreement outlining who is doing to do what to get the money in the end? If you are not thinking, “contract” then you should not be thinking “partnership” either.
7. Who thought the idea of partnership? You or them? Understand that if you bought it up they may be the ONLY reason they said YES was because they did not knew how to say NO.
8. Do you like real estate investing? Do you have a passion for it? Does you partner or they just in for the money? If they are in just because you threw up some numbers up in the air – then think and think again.