Are you looking for real estate investments in Philadelphia? Working with a partner can help you open doors that you never thought possible. Learn more about what to look for in a potential investment partner and where to find them in our latest post!
As an investor in Philadelphia, you may be wary of competition, hesitant to work with other investors in your community. However, working and networking with other investors can open all kinds of doors for you. You may be able to find someone in which to share knowledge, leads, and deals. Often, investors find a good deal but have to pass for whatever reason. In these sorts of situations, they will often pass the deal on to a fellow investor. By getting out there you can find a great partner as well as many people to partner with on different deals.
What To Look For
Consistency & Honesty
How you do one thing is how you do everything. The person you choose to work with should embrace high ethical values, a high sense of honesty, and should always be true to their word. Observe how they are with other people. If you find them being dishonest with others, no matter how small the infraction, you can expect them to do so with you as well. The ideal partner will be transparent in all they do, always being honest and following through.
The person you choose to work with on your real estate deals needs to share the same drive, energy, and ambition that you do. When you have two people operating on all cylinders, great things can be achieved. If one person falls behind in their efforts, the other is there, full of energy and able to pick up the slack. Just make sure this goes both ways. If one person is consistently doing more of the work and putting in more of an effort, resentments will eventually develop which could mean the end of the partnership.
When in a real estate partnership, be sure to check yourself too. Make sure you are doing your share and not reliant on your partner to get everything done. You need to pull your weight, otherwise, your partner won’t likely be your partner for very long.
Your partner should have the same desire for knowledge that you do. Investors that are always learning and always keeping themselves in the know about what is happening in the local market, will have an edge over those who don’t. Your ideal partner will compliment what you know. If you are a numbers person, your partner should know how to schmooze. If you each have your own area of expertise but come together where it counts, magic can happen!
Where To Find Them
As an investor in Philadelphia, don’t be afraid to get out there and talk with others in the same boat as you. Meetups and networking groups are great places to meet like-minded individuals. It is often at these kinds of events where some of the best relationships and partnerships are formed. Try to attend an event once a month or so to keep your presence known. Let people know you are available and can be of service.
Look at who is buying and who’s buying style you like. Sales information is typically public and you can learn a lot about what’s going on by visiting the MLS or your local property appraisers website. If there is someone out there who you really look up to, reach out. Not only can they be a partner but they can also be a mentor. Don’t be afraid to say hello and let them know what you are able to offer them.
Like it or not, recent studies have shown that the average American spends 4 hours a day on their cell-phone! 4 hours! That’s a quarter of their waking hours. If you want to meet people like you, go where they are already. You can visit social media sites, join online groups, and network much in the same way as you would in person… except you can leave the tie or high-heels at home.
Making these kinds of connections can ultimately alter your real estate investment career. Sometimes get caught up in there own business and property deals, never getting out there to meet others who are doing the same. If you are able to do great things on your own, imagine what can be done when two smart people put their heads together. You will be able to exchange ideas and By working with a partner for your real estate investments in Philadelphia, you will be able to accomplish much more than you would have been able to on your own.