 Be the Best Partner Possible – Exceed Expectations
If you are partnering on a real estate deal with someone, or a team, it is best to setup expectations in advance about what you’re expected to do, and what each other person is expected to do. Even if you are just the “passive money” in the deal, you should still be aware of who & what is being done by the partners.
Once expectations are setup, the Best Partner Possible EXCEEDS those expectations. They try and step up and do MORE than they’re required. They surprise the other partners with great ideas and bring more value to the table than the promised.
The failure of this principle is said best by Proverbs 25:12:Â
“Like clouds and wind without rain is a man who boasts of a gift he does not give.”
The Best Partner Possible in a Real Estate Deal ALWAYS:
- Identifies & secures a profitable deal
- Overcomes all hurdles to getting that deal closed
- Manages the deal through THE ENTIRE CYCLE until the property is sold & all partners are paid in full.
1. Identifies & secures a profitable deal  – No profit is made, and no partnership produces return if no real estate deal exists to be done. Obvious, but most real estate investors crave more deals than they’re actions product.
2. Overcomes all hurdles to getting that deal closed. Title issues, challenges with tenants, inaccurate financial statements-these are just a few examples of what might derail a real estate deal. The Best Partner Possible expects these challenges and handles them swiftly. Dead deals are often closed by that next, more persistent buyer-often at better pricing than that first, failed, inexperienced & lazy attempt.
3. Manages the deal through THE ENTIRE CYCLE until the property is sold & all partners are paid in full. – This is the hard part because the timeline is so long. Even a single family fix & flip deal runs 3-6 months on the short end. I’m a partner in a little more than a dozen large scale self storage developments. These are a large percentage of my net worth.
We’ve been working these deals since 2022-2023, and less than 5 are operational and being rented. There is still another 2-3 years on those deals remaining to fully lease/stabilize those properties and start enjoying cash flow. Glad I have the Best Partners Possible on these deals-many developers have gone bust in the past 3 years.
The lesson here? Choose wisely. Partnerships are like marriage-even if not necessary life long. Better to have difficult conversations up front – and walk away if expectations don’t align, instead of signing up for the long term pain and potential losses long term.