Partnering with people may be a faster way to grow your real estate portfolio for two reasons.
One, you have some accountability; you’re not just responsible for your success anymore. You’re bringing someone else along in the journey.
The second reason is down payment funds and being able to buy some deals that less people have access to. The higher the purchase price, generally, the less competition you have.
You may find a deal that is a little bit more competitive if you are pooling funds together and going after something bigger.
Where should you find a real estate investing partner?
This is an important question because this is going to lead to a lot of your success in investing.
My thought is that you want to find someone who is kind of your opposite. So, if you’re a big-picture person, find someone who’s comfortable being in the details, or vice-versa.
Let’s say you find someone who’s a mortgage broker or who’s an attorney, or who has a specific set of skills that you don’t have. That’s a huge bonus.
And here’s the best thing about this, you’re not getting married to this person. If things don’t work out, you can have multiple real estate investing partners. You can just keep investing with people until you find someone who complements you and helps you grow your portfolio way faster than you could ever do by yourself.