This is the 2nd Part of a two (2) part video series where I share my philosophy on "How I Select A Partner".
Many of you ask me to invest and be your Partner. So I thought it would be more efficient for me to share my "Must Have's":
At a High Level, here is the list:
My Partner(s) must be experienced in doing Value Added Real Estate by my definition (e.g. "Having a liquidity event to get 100% of my money back within 3 years via a Cash Out Refinance). Otherwise, I am unable to have an infinite rate of return (e.g. Print Money Legally).
My Partner(s) Must be Financially Free, (e.g Have their Passive Income Exceed their Expenses), thus they don't need my money. If they aren't, they can learn how here.
My Partner(s) cannot be a Perpetual Money Raiser, as that is a Red Flag. Syndication is "A Tool to Conduct Business" it is not "A Business". Perpetual syndicators generally are the later and high risk.
My Partner(s) cannot waste my most valuable asset which is Time, by having unrealistic goals, not having goals, not measuring their performance, lacking sound business judgment, incompetence, etc.
Essentially, My Partner(s) must be Assets otherwise they are Liabilities. Unfortunately, due to the epidemic Financial Illiteracy problem plaguing the world, less than 1% of the population know the difference. The other 99% can learn the difference here.
So before asking me to be your partner, please make sure you and the opportunity meet the above minimum criteria.
Investor's, I can guarantee you, Once you have a list of "Must Have's" over 90% of the deal flow will evaporate to allow you to spend your most valuable asset (e.g. time) on things which are much more valuable such as one or more of the following:
Finding better opportunities and/or partners in other asset classes, etc.
Spending your time like me (e.g. writing blogs, working out, developing wonderful lasting relationships, singing, songwriting, recording video's and/or traveling the world);
A great partner is wonderful but a bad one is like an incurable disease and your worst nightmare. I have a bad one now, who is NOT Financially Free and is all "Hat and No Cattle". He is "A Fake Teacher" and "Fake Real Estate Investor" and should have just remained an "Entertainer", exclusively.
In the event that my "Bad Partner" and his partner(s) in crime, are reading this, you should be ashamed. More importantly, stop stealing peoples money. Those that are their "Posse's" I advise you to get rid of your self diagnosed "cognitive dissonance", as you are complicit, thus you are just as guilty.
So Be careful and make sure that you have "Real Teachers", who actually "Do What they Teach" and own "Real Assets", and are "Financially Free". You will discover very few. Sadly, most "Teachers" don't practice what they "Teach".
For example, Many teachers of Real Estate Investing Today are NOT Financially Free, as they DO NOT OWN any assets. So if you find a Real Estate Investing Teacher who is NOT Financially Free, RUN, as there is NO Excuse for them or anyone else NOT to be, after over a decade of FREE MONEY.
Fortunately, I have had more "Good Partners than Bad. In fact, we have made Billions together over the past decade. I had to cut this video abruptly as I am headed to Sedona and then Scottsdale to attend our Annual Investor's meeting.
In closing, if anyone has additional "Must Haves" feel free to share as I love hearing from others to gain additional insight.
Until Next Time, Happy Hunting and Try Not to Kiss Too Many Frogs. They give you Warts...LOL.
This is very, very important, Treat it as The Golden Rules and be sure to "Pay It Forward" by Sharing with Others who could benefit.