Why do geese flock, horses herd, and wolves run in packs? Because they know instinctively that there’s strength in numbers. Lone wolves, like the Lone Ranger, have to fight to survive. When it comes to real estate investing, you don’t have to be a lone ranger.
Business enterprise, like life, lends itself to partnership. Partnerships can have synergistic results, where the efforts of two or three add up to three or four. Two entrepreneurs working together will generally accomplish more than they would working separately. This is the primary benefit of partnership.
In my new e-book, The Hitch Hiker’s Guide to Real Estate & Rehab, I describe how I started in the business with no money to work with. The answer for me was partnerships, joining my skills with investor partners’ money. To this very day NDP seeks partners to support and build our business. That’s the core concept behind the name of our company, Neighborhood Development Partners.
Put the partnership model to work for you
Put the partnership model to work for you. Consider it initially as a “strategic alliance”. Join with someone who brings something to the table that will help you grow your business. This could be investor dollars, credit, or experience you do not yet possess. In our group Elpidio, an architect, has partnered with Ron who is skilled in construction technology. In another example, George is putting up the capital in partnership with Barry who will run the job. But it is important to remember–it’s a 2-way street. Each partner will have expectations to be met for the relationship to thrive.
A Way To Expand Your Capacities
Look at partnerships as a way to expand your capacities, what you can do. When partnerships work best, they expand opportunities while reducing risk. The Urban Rehabber Coaching Program is built on a partnership model. NDP’s Affordable Housing Initiative is built on a joint venture partnership model. The bottom line? We’ve learned to Prosper by Partnering. #