DO YOU WORK ALONE OR TEAM?

[chunkoftheearth]

I hear what you're saying martini.  I agree that you shouldn't partner with someone just for the sake of friendship.  Only partner with money.  Get filthy rich and have a martini!  LOL.  I'd also suggest picking up "From Rags To Riches" authored by Russ Whitney.  Early in the first chapter of that book he chronicles his early days of investing.  He had a bad childhood, and basically started investing in real estate for the same reason you did.  He however mentions in that book that he uses those experiences and that pain to drive him to succeed.  The way he describes it was such an easy to understand rationale.  Further, in that same book in the early chapters he describes a trait that ALL successful people have...LOVING WHAT THEY DO!  He points out people like Bill Cosby still doing comedy when at his age he doesn't have to, and he lists off a bunch of industry leaders in the same light.  Anyway, a great book in my opinion to read for you.   

[Delondon]

I like to do it as a team. You get more work done this way. You don't have to hire others however, other investors your city would love to work with you. Some will some won't, its ok someone is waiting.

[The_Great_Martini]

chunkoftheearth
thanks I will look into picking up that book .

Delondon - So you partner with other investors how? I have done so with wholesale deals but that's not what I am looking for as far as creating a company..

I am sure you guys had heard of CT Homes from Flip This House . I actually like how they do business while having fun. That's kind of what I would want as a real estate investing team/company. I am thinking about paying for some of their material just to see how they run their business as well as the marketing aspect of it. Thanks !

[dukefan2014]

The best way to partner up on deals (in my opinion) is to split the deals 50-50. I'll give you a scenario. Say you come across a good deals from a motivated seller but you can't find a buyer that will buy the property. You can either let the deal go (and get NOTHING from the deal) or you could ask some other wholesaler if they know a buyer that is willing to buy the property. If they come in with a buyer that closes on the property, you and the other wholesaler split the profits 50-50. Even though you are giving up half your profits, its a lot better that having nothing. I know people that do this almost exclusively and make boatloads of money from it.

It also works the other way around. If you have a ton of buyer on your list and you know another wholesaler that can't find a buyer for their deal, you bring in a buyer and split the profits. Its a win-win for everyone.