If you have read my blog for any amount of time you know I’ve got a real estate investing partner. I usually don’t like to mention his name on my blog because he likes to keep some on the down low for when sellers search out his name on Google. His name is the name we use on our marketing pieces. I respect that so I keep his name private, although I may have slipped up a few times in the past, so if you know his name…shhhhhh!
What was I gonna talk about? oh yea, partners. It’s great having a partner to share some of the responsibility because there are a lot of things to do on a daily basis to become a successful real estate investor. Those tasks are even harder to accomplish when you work a full time job and have a new family to take care of. With out my partner I’m pretty sure I’d still be struggling and deal-less.
Having a real estate investing partner is like a marriage, in order for it to work you have to trust the other person, you both have to pull your own weight and you have to be honest with each other. The other part of it is you have to be in constant communication to make sure you are always on the same page. We do this in several ways that I will out line below…
1. SI Lead Manager: We use a special version of my software that has a cloud database. This way we both are accessing the same data. He can see all the leads that I’ve uploaded into the system and when I mailed them out and I can see who has responded and all the new notes. It’s a system that is working well for us.
2. Weekly calls: Every Monday at 12:30pm (over my lunch break at my 9to5) we go over everything that happened last week and what we plan on doing over the next week. This is very important and we make every attempt to have this call every week. If something comes up on Monday that makes it impossible to have the call, we reschedule for Tuesday.
3. Annual Meeting: This is our in person meeting, I like to call them the “Board Meetings”. Once a year we get together at Starbucks and review how our past year went in regards to our goals, the good the bad and the ugly of it all. We also set new goals for the year to come. We are actively trying to setup a meeting day now.
We definitely don’t have the system down perfect, and I suppose we never will but we keep tweaking things here and there. Like we may start having our “board meetings” 2 or 3 times a year. The reason behind that is it will keep us on our goal path better. About half way through the year we always veer off path and it takes us a while to realize it. If we met and reviewed our goals more frequently it would help us identify the problems quicker and we could correct them.
For those people that have partners, how often do you communicate and meetup?