Are you ready and willing to begin investing in Chicago real estate? Finding the right partner can be instrumental to your success. Learn more about forming partnerships and what you need to do to launch your real estate investment career in our latest post!
Investing in the Chicagoland area can turn out to be an excellent decision. But if you’ve never done it before, working with a partner will help you learn more than a book could ever teach you. The right partner will help you access more opportunities and enable you to open more doors. They will make it possible for you to make those big investments that you may not have been able to do on your own. The right partner will give you someone to bounce ideas off of and someone to help make sure your investments stay on track. They can hold you accountable so that you are able to reach the goals you have laid out for yourself.
Characteristics of An Ideal Partner
Not everyone who is interested in real estate will be a good partner for you. The right partner will have an incredible work ethic and will be someone who can help you to learn and grow. Finding someone who excels in the areas where you lack will always make for a great partnership. Let’s say you are great with people on the phone. It can be highly beneficial to partner up with someone who thrives on the stuff behind the scenes. Let someone else run the numbers while you do all the schmoozing face to face. Your ideal partner will compliment your strengths and vice versa. They will be supportive and open to discussion when you have a difference of opinion. You don’t want to work with someone, especially with so much on the line, that you don’t like and trust, so it is important that you have an ally and confidant in your partner.
Where To Find Them
When looking for a great partner, you’ll want to find someone like-minded, but with a slightly different skill-set. You can find these people at networking events, real estate seminars, or through online groups. If you are a novice, it can be wise to partner with someone more experienced, at least on your first few deals. Learning from someone who knows the ropes will allow you to gain knowledge that it would have taken years to obtain on your own. No matter where you are investing or what you are investing in, you shouldn’t have much trouble finding someone with the same goals and values as you. You’ll want to do your homework on them, taking a look at previous purchases and experience in the business. They need to be someone you trust as well as someone who can really add value to your investment goals.
Holding Up Your End Of The Deal
While you may be looking for a great partner, they are looking for one as well. It’s important that you hold up your end of the deal by being accountable and following through with what is required of you. Not doing so could put you in violation of your partnership agreement, ultimately causing fights between you and your partner, and a financial loss on your shared deals. When you are looking for a great real estate partner in Chicago, it’s important that you act like one yourself and lead by example.
Making It Legal
When working with a partner to invest in Chicago real estate, you’ll want to cover all of your bases from a legal point of view. Make sure you have everything in writing and that you are using the proper contracts. Everyone should know what is required of them and what they will be able to expect from the shared deals. Even if it is someone you have known your whole life, having everything laid out in black and white will leave little room for disagreements to arise. It is best to run everything by your lawyer before partnering up. Have them review all contracts and agreements before signing on the dotted line.
Plan For Long Term Success
When you do one great deal with someone, why stop there? Some of the greatest real estate achievements have been done through partnerships. Keller Williams, Coldwell Banker, and Berkshire Hathaway to name a few. When you find the right partner, the sky is truly the limit. You will be able to make investments you had only dreamed about in the past. If you partner up on a deal and things don’t go as you would have hoped, don’t be deterred. Someone may be great at real estate but not as a partner for you. Keep looking and you will be able to form a great partnership when investing in Chicago real estate!