A Quick Guide To Better Investment Partnerships For Wholesaling CEOs
How can wholesaling CEOs better choose and formulate partnerships to avoid nightmare scenarios and increase rewards?
Even if you have no capital to get off the ground it’s entirely possible to get into wholesaling houses and quickly build up a good income and stash away some wealth. In fact many prefer to turn down outside help or partners and go it alone to remain the captains of their own ships and minimize interference. However, at some point, whether at launch or after building a million dollar wholesaling machine partners can not only come in handy, but can be incredibly powerful for maximizing ROI, speeding growth and sometimes virtually essential for staying ahead of the competition.
Of course, business history is littered with the skeletons of broken partnerships. Unless a proactive approach is taken to preempt and navigate the inevitable issues, the odds are that at some point a fracture can bring it all crashing down.
It doesn’t matter whether plans go incredibly well or flop, you are partnering with a partner with bigger pockets or family members, the dynamics of real estate investment partnerships are bound to be tested. Sometimes partners are just rotten from the get go, other times they go off the rails for one reason or another, they get greedy, get sick or just decide to go in a completely different direction with their lives and money.
This doesn’t mean that partnerships are a bad idea for wholesaling CEOs, it just means a need to anticipate potential problems and work to reduce the risks and consequences of one going bad.
Start with thorough screening and due diligence on prospective partners. Work through the vision, get expectations aligned, set guidelines for various scenarios and define roles and responsibilities. While rushing in on impulse is often the way most approach investment partnerships consider testing the waters and working into it slowly to make sure this is the right pairing.
Next, regardless of whether partnering with a stranger, reputable professional or your own mother layout an official, written agreement and make it legal.
Before stepping out, make sure, that just like on a good wholesaling house deal that you already have an exit strategy laid out, and preferably several alternatives to deal with all possible scenarios.
Finally, know what you will do and which attorney you will leverage if things do go south so that you can minimize lose and keep your wholesaling business and income intact.
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