30: How to Structure a Partnership, Part 1 with Felipe & Ashley

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 23 September 2020

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

"I know partnerships can help me build wealth, but how do they actually work in practice?" This is one of the most common questions we get... and today Felipe and Ashley outline 6 rules for partnering on your real estate investments. From identifying the missing piece that's holding you back, to defining clear lanes and avoiding common pitfalls... this show is a must-listen for any new investor who realizes she can't do it all herself. Be sure to come back next week for Part 2 – where you'll hear the details of real-world partnership case studies, as told by a handful of investors who have made it work! In This Episode We Cover: Identifying the "missing piece" to get a deal done Knowing your numbers and being prepared Making your official presentation (finances, experience, deal analysis) Offering an opportunity rather than begging for help Various financial structures you can use How Felipe found a partner to do the books Why Ashley partnered with a construction expert on a full gut remodel And SO much more! Links from the Show Real Estate Rookie Facebook Group BiggerPockets Podcast 352: No Driver’s License, No Money, No Excuses: How Diego Corzo Blazed a Trail to 18 Doors BiggerPockets Podcast Investor Girl Britt's Instagram BiggerPockets Podcast 320: Hands-On BRRRR Investing and DIY Secrets with Instagram Star Brittany Arnason Rookie Podcast 25: What Appraisers Look For and What it Means for You with Investor/Appraiser Josiah Smelser Check the full show notes here: https://www.biggerpockets.com/rookie30 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the real estate rookie show number 30
0:07.3	Are you able to fill in that weakest link for them? Do they need you just like you need them? Is your strength also their strength?
0:16.0	Then it's probably not going to work out. My name is Ashley Kerr and I am here with my co-host Felipe Mejia who is 30 years old and this is episode number 30.
0:32.0	And I just want to know when we did episode 19,
0:35.0	why we didn't say Ashley is 19,
0:38.0	and this is episode 19.
0:40.0	You know it's funny, actually,
0:42.0	I don't think, everyone knows I'm 30 but no one knows your age I don't know if you're like 17 or like 47 it's like you can't really tell it's interesting because actually my son's previous physician, doctor, whatever you call it.
0:56.5	I couldn't guess her age. So she was talked about her college a lot, but she also had some gray hairs, but she wasn't, she was like an old soul so I couldn't figure out how old she was actually one day will let us know
1:09.1	based on the episode number so you better let it out quick. Well we're going to find out next week
1:13.8	then. Speaking of next week we're going to do a follow-up to this episode. Today we are
1:20.7	talking about partnerships. We're going to give you six things
1:23.8	rookies need to know and do to find a partner on their first deal or their next
1:28.2	deal and the next week we're going to have a handful of different successful investors on the show and they're going to give us real life case studies of partnerships that have worked for them, maybe even bad case studies of partnerships that haven't worked for them, how they've structured them, what they
1:44.9	looked like, you know, what's the percentage, whose responsibility is what, some real life case studies.
1:50.5	So make sure you guys come back and listen to part two with the real life
1:54.0	case studies but today you want to tell everyone our six things we're going
1:59.2	over kind of summarize it yeah absolutely so today me Ashley are going to be talking about the six things to create a great partnership as a rookie. And I know that's sometimes hard because when you first start out you want to learn everything, you want to do everything you want to do everything but
2:13.7	me and actually have both built a successful real estate business
2:17.6	out of using partnerships
2:19.9	because we've both realized and humbled ourselves enough to know that we don't know it all.
2:24.0	We're not going to learn at all.
	...

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