Working with a partner can be an excellent way to succeed with your Philadelphia real estate investments. The trouble can be in finding the right one. Learn more about how to find like-minded people to share your real estate journey with in our latest post!
Getting into real estate investing in Philadelphia can seem difficult. The good news is that you don’t have to do it alone. By working with the right partner, you will have a greater profit potential than you would be able to achieve on your own. The right partner will complement your investment style, preferably being versed in the areas where you lack. For example, if you love sales, and they love the data, working together will likely benefit you both. Below, we offer some great tips about how to find the perfect partner for your Philadelphia real estate investments!
Utilize Online Forums
With everyone looking online for real estate, it’s no wonder that online real estate networking has become increasingly popular. Sites such as Facebook and LinkedIn offer real estate networking groups, specific to your area. Zillow’s discussions forum is a great place to post questions and connect with other investors. Another site investors and real estate agents are utilizing is NextDoor. This site connects neighbors with others in their community and can be a great place for you to build credibility amongst your neighbors while meeting potential real estate partners in the process. You can also utilize Active Rain and Bigger Pockets to network with like-minded investors who may be ready to partner with you on some deals.
Join Real Estate Groups
The key to finding a great partner is to find someone who is like-minded, with a similar work ethic and investment goals that you have. They will have similar ambitions and the desire to succeed as much as you do. You will be able to motivate each other to do what needs to be done to find and close on great real estate deals in Philadelphia. By joining local real estate networking groups, you will be able to connect with a large number of people who are interested in real estate investment in Philadelphia, while keeping your finger on the pulse of what is going on in your local market. Join as many groups as you can find in your area, shaking the hands of as many people as possible.
Study The Data
Most real estate information can be found with just a few clicks. For access to the MLS, you will need a license, which is why many investors are becoming agents themselves. No matter what data you are using, take a look at who is buying and where. Maybe you can create a deal to work with them by bringing something to the table that they haven’t found yet on their own. When looking to work with a top investor in the area, you will have to bring something to the table in order for the partnership to work. When you know the trends and understand the local market, you can be a valuable asset to other investors who may be seeking to work with you.
Attend Events
All over the country, you will find countless real estate events, focused on helping investors learn more about the business. At these events, you will find people with similar interests as well as the drive to do something big with what they have learned. If they have taken the time to go to a class, they are likely highly motivated to find success as an investor in Philadelphia. You can find classes, seminars, and specialized networking events to help you find and meet the people you want to work with. Even if the event isn’t something you would normally attend, think about who might be there and what bits of information you may be able to pick up that will help you along the way.
Pull Your Weight
When working with a partner, the idea isn’t to do the same deals you could on your own. Don’t slack. Instead, work just as hard as if you were investing on your own. In fact, work even harder because you know that you have a partner counting on you. Just like you don’t want your partner to disappoint you, you don’t want to disappoint them either. Follow through on your word, take on some of the unwanted stuff, and be as diligent as possible in all you do. When both partners are operating at this capacity, the sky is the limit.
Working with a partner will open all kinds of doors to you in the real estate world. Once you find the right one, there is no limit to what you will be able to achieve. When you are ready to invest in Philadelphia real estate, our team can be a source for some of the best deals available.
And lastly, one of the best partners you could have in your area besides a great wholesaler is a finance partner. Besides being able to provide you hard money for fix n flips and new construction they can sometimes make for great 50/50 partners on certain types of transactions. Always worth developing relationships in that world.