the-abcs-of-real-estate-investing-ken LifeFeeling

Whichever route you choose—to employ the talents of family members, or to not
employ them—know that your degree of success will be directly proportional to your
degree of integrity. People like to work with fair and honest people. This book and its
methods are based on those values. Master them and I guarantee you’ll sleep better at night
and not surprisingly, people will line up to work with you.
Partners—A Good Thing or a Bad Idea
At MC Companies my partner, Ross, and I have been together since almost day one. His
skills and my skills dovetail perfectly. He handles the construction and development and I
handle the management and operations. We both handle acquisitions and together we each
bring to the deal our own unique perspectives. It’s a great relationship and because we have
mutual respect and honesty, it works. We also push each other along, as I recommended in
the last chapter. It’s great to have someone to whom you are accountable. We’ve
accomplished a lot more together than we ever would have accomplished alone.
QUALITIES OF A GOOD PARTNERSHIP
Some partnerships are destined for success and others are doomed to failure right from
the start. What makes or breaks a partnership? Here are some qualities good partnerships
have in common:
• Healthy debate: You should have room for debate before decisions are made.
• Open-mindedness: You shouldn’t have to spend valuable time continually convincing
your partner of your goals.
• Commitment: You should be committed to each other and your goals.
• Similar values: You and your partner should share the same values.
• Accountability: You and your partner should push each other to achieve objectives and
have mutual accountability.
These qualities will guide you in establishing a partnership in your business. Now we’ll
look at how to partner with others outside your company: setting up your team.
Your All-Important Team
The following lists include all the people and professionals you will eventually have on
your team and how to evaluate and select them. While the lists may appear overwhelming,
understand that you will accumulate these contacts over time, and you don’t need all of
them at all times. There’s no need to run out and start interviewing paving companies, for
example, when you don’t have a parking lot that needs resurfacing. You just need a few key
team members to get started—an attorney, an accountant, a real estate broker, and a
property manager. But here are the full lists to get you prepared:
YOUR BUSINESS TEAM
Before you do anything, even print your business cards and letterhead, get your business
set up correctly. To do that you’ll need to talk with an attorney who will advise you about