Real Estate Partners – How To Find Them
So you want to find a partner for real-estate deal. My friends, you have come to the right place, my name is Kris Krohn, this is limitless TV and we’re going to share with you what that means. In fact, I’m going to be bringing a guest on the channel that actually just made $100,000 partnering on one of her most recent deals and we’re going to show you how you can do the same. Alright, my friends, today, we’re jumping in and we’re talking about how to find partners for real estate deals, okay. We’ve been talking about partners a lot, if you’re on the channel, you’ve been watching videos, you know that this is a huge buzzword and you know what? There’s no better way to do it than actually taking somebody that got a partner, did a hundred thousand dollar deal with gains and we’re going to break it down and talk about how do you even do this whole partnering thing? So by the way, Marianne, go ahead and introduce yourself a little bit, your YouTube channel on how we play together. My name is Marianne DeNovellis, I run the Six Figure Mastermind channel over on YouTube, so psyched to be hanging out with Kris today on Limitless TV. I just love all the collaborating and all the stuff that we get to build together and today, this is a super fun topic and when we say partners, don’t worry, it’s not about this, it’s not that kind of commitment, we’re talking about super easy, super simple, right on contract commitments here. – So first of all, what is a partner? Let’s break it down, Marianne, super super basic. Real estate is going to require certain things, right? It needs someone to be able to buy a property and if you’re using a bank, then there’s going to be credit, if there’s a down payment, there’s going to be money and then whatever the strategy is, you need someone to do it right and so a partner is a person that augments or makes up the difference for what’s missing. You know, let’s take Marianne for example. Let’s say that she’s short on funds to really do a real estate deal, – Hey, I’m short but I was also short on funds, sorry. – Yeah, stand up. So short of funds, also didn’t have the credit to do a deal per se and so between those two things, you might say, Oh well, I guess I can’t do real estate and yet, for you, what made up the difference was of what? – Well that’s the boat I was in, it’s like, oh maybe the door is slam but they said, no no, Limitless said call us for a game plan and they opened the door they said, did you know that you could partner? And I was like, whoa you lost me. What does that even mean? – So here’s the cool thing.. In real estate, when we say a partner, here’s what we normally mean.. Someone that has money for a deal Now just think for a minute about all the people that live in your world and let’s just say for a moment you had x-ray vision and that you could actually see them financially for where they were at. We live in a world where the people on the street, the people that you meet, we all walk and talk as if we’re broke or that we have very little money and then those with money are untouchables or they’re out there, people we don’t associate with, let me give you a reality check. The people next to you on the street, they’ve been 20 years at their job and they’ve got a hundred thousand and a 401k or they haven’t put any money in a 401k but they hate debt so they’ve been paying off their house. There’s many many Americans that are running around with fifty thousand, hundred thousand, two hundred thousand dollars, three hundred thousand dollars from 10, 20, 30 years of working and yet, they don’t have money in their bank account and so they feel poor and they don’t have a plan and they know that retirements coming’s on and they’re like, wow I don’t have confidence that I’m going to be able to retire but they actually have a hidden asset that they’re not thinking about. They got a 401K or an IRA or equity in their home and that person is looking for a solution and do you know who you are to them? You’re the solution. There’s a way for them to take some of those assets, I call them hidden because they don’t think about him, – No, who thinks about that? – They don’t getpaid on them, right? Just like you had a 401k. – Oh yeah. – and the 401k, you weren’t even ever thinking about it like an asset because every month it wasn’t what? – No I wasn’t doing anything for us and and I love the analogy that I heard, one that says, the 401k is like this sacred cow, we build this 401k up like a house and then when we retire, we’re going to take apart the house and just hope we don’t run out of pieces before we die. That’s what the 401k when it’s like, that’s no legacy, that’s nothing. – That’s not only all not a legacy but it actually comes apart and usually a one or two or three or four your bird a time but you need 30 years for retirement, friends. Unfortunately, modern medicine is keeping us alive so long.. – Wait, unfortunately? – Well I just mean it’s like, yay, thanks, I retired at 65 and I get to live 105, I got 40 more years and I didn’t plan for 40 years of living so I’m going to have to retire on charity or my kids or the government and trust me, that’s not a whole lot. That doesn’t work out, you don’t want to be a stress and a burden to society so get your act together with real estate and whatever you’re missing, you can put together with a partner. So today, for today’s deal, we’re really talking about the fact that these are the three components you need in real estate. You need a deal, you need a person that’s going to take care of and execute the deal and number three, you need someone that has money for the deal and so, Marianne, you are in a position where you knew you wanted to do real estate a couple of years ago, you didn’t have all the resources that you needed to do it but you brought in a partner that made up the difference. Tell me first of all, how did you find this person? – Well this was really fascinating cause we didn’t know this person face to face this and I don’t even know if we’d ever passed each other on the street for that matter but I got through the mindset of, first of all, okay, this is a possibility for me even though I don’t have $35,000 in my 401k, I think I’d have like $5,000 in my 401k so I gave it Limitless, I’m like, alright, you guys tell me that you can do partnerships, you guys tell me that we can bring people together, you’ve got a managing partner, you’ve got a cash partner, you’ve got a credit partner, I can bring some cash and I am willing to put in the elbow grease to manage the property, what do I do? And they say, you know what? We actually have a partner for you right now who doesn’t want to manage the property but they’ve got some cash just like you and they’re looking for partners. I was like, wait a second, so you provide the partners too? You know people? There’s other people that want to be a part of this? – And when one of our systems, we do actually provide that for people, we help people but even if you wanted to find one organically, one of the things I love about Marianne is that she really knows how to go social, she knows how to be on Facebook and some of the other social sites to find what she’s looking for and I’ve seen Marianne do some of the most extraordinary things so I’m going to put you on the spot right now and say okay, Marianne, let’s say that we didn’t provide you a partner but you wanted to do a deal and you were missing some funds, knowing what you currently know, how would you go find someone through Facebook that might want to partner up with some money on a deal? – So I would basically be looking for people to hang out in Facebook groups that are along the interest lines of what I’m looking for. So I would go into Facebook groups that say real estate investors. I would go into Facebook groups that say, looking for retirement funds or anything that’s along the same lines of what I’m trying to create wanting to retire early or four hour work week or someone that’s wanting to retire and and create massive wealth that on a done-for-you basis so that they can have that residual income and I would go in there and say, “Hey I’ve got this thing, I can need a partner, I need someone to bring in either the cash or part of the credit. Who’s interested in learning more about this with me?” and I would just go out there and ask simple questions and then follow up with anyone who responded. – Wow. Did you see what Marianne just did right there? Go join some groups that are into the real estate or finance game or stock market, find those people with like-minded interests and then you go out there and start posting, “Hey. I’ve got a deal that I’m looking at, I’ve got some money, I’m looking for someone that’s got the rest of the money.” And all of a sudden, you start participating and grabbing some of these dialogues and boom, you have a partner. – There’s also a tip I want to give you. A lot of people on Facebook now, they’re using this hashtag thing, do the hashtag thing, look on the hashtag real estate, look at the hashtag retire, look at all of your hashtags when you do that, you’re going to find all of the relevant posts and you’ve got a whole potential list of partners. – You know, there’s another old school strategy, I often go old-school and old-school for me is actually just sit and I’ll open up my phone and I’ll go through my contract so I’ll be like, who do I know that has been holding a good steady job, probably a better-than-average paying job and I’ll make a list of those people and I’ll call him up and I’ll say, “Hey. I’m looking at doing a real estate deal, this deal has the ability to make X kind of returns and I’m looking for someone that might have some money and you came to mind. Are you interested? How solid are you feeling about your real estate retirement plan?” or rather, they don’t even know real estate so I’m just going to say retirement plan. And you know, a lot of people if they’re honest, will say, ‘Well, you know, I contribute this and that but I mean I don’t know if I have a really good plan.” “Do you have a plan at retirement to make, you know, $5,000 a month or $10,000 a month?” “Well, I don’t really, I’m just accumulating.” There’s places there where you can accumulate and start that conversation so finding partners, now the only way that these strategies Facebook or going old-school through your rolodex which is your smart phone, the only way that that actually really works if it sounds weird, like I’m 38 and I said rolodex. I saw one of those growing up. So the only way that that really works is if you also have access to deals because bottom line is, you’re the master deal maker, you’re actually taking money and real estate and marrying them together. – And that’s the mindset you totally got to step into and say, you know what? I’m going to become the managing partner, I’m the one reaching out, I’m the one making calls and even though I have no idea what the deals look like, I’ve got a team, I’ve got a whole line up behind me then it’s exactly what I need. – You know, in some of my other videos, we talk about how to find really good deals so I want you to go I want you to watch those and if you take that video on how to find a good deal, marry it to this video on how to find a partner then what you can do is, go out there and grab a deal and then go out there and use social media, use your old-school, roll the dice and go find people with the money and put them together. You know, this actually just happened with the close friend of ours, Von. Von’s in my personal and private real estate community and what was interesting is, he got speaking with one of his neighbors and what he did is, he took some of the deals, we were doing that he had access to and he kept showing him to his buddy and his buddy said, “Well I got money sitting in my IRA, 401k not doing what I want.” – It’s funny how that comes up, isn’t it? – And all of a sudden, we’re doing two deals right now. – Wow, that’s awesome. – And so, I want to give you one more piece on this whole partnering thing that I know you’re going to ask about and it’s going to be, alright, I found a deal, I found someone with money, now how do we actually come together? First of all, when you got together, how did you guys formalize your agreement? – Well we got together with one of our real estate coaches and he said, okay, you guys cut this part, you guys guess with this part, let’s draw up some paperwork and make it all work out and I didn’t have to write the paperwork, I just used the contracts that was available and basically just put our names in, put the percentages in and then committed to whatever agreements we’d put together, we would be the managing partner and so on and once the contract was signed and sealed, we just did business. – So let me show you how simple that is. Whether it’s a contract or an LLC, we’ve got a video on how to do LLC, it’s a super smart play because an LLC is a building contract and it’s just what Marianne said, it’s going to define who’s doing what, what are your roles, what is your percentage of ownership and other than that, you not have an agreement and you guys are out the door making something happen that you couldn’t do on your own. You might have seen me do this before, it’s just a really simple analogy for what we’re really doing is we’re taking one person that has one set of assets and abilities, we’re taking another person that has different abilities, you put them together and one plus one equal 11. Not two. It’s so much more because neither of you could do what you’re able to do together. Real estate is a people game, it’s not a property business, it’s all about putting deals together, it’s all about putting people together and, Marianne, now on this very specific deal, you have been able to, you got with this partner, you guys then found a house, you bought the house, you used a combination of your assets, you’ve been the active partner on it which, by the way, that probably hasn’t been a whole lot of time, right? – I think we changed the filter once because it was a local home. – Okay and then on their side, they’ve been really passive. And no as a few years has passed and you guys are up how much on the house? – We’re at a hundred grand above our purchase price on the house right now. There’s been some really cool developments around the property and it just actually keeps climbing. – Yeah, so a hundred thousand dollars, when it comes time to sell that property, you’re going to be getting a huge chunk of that where you started out with $5,000 in your 401k, you now have enough money without needing a partner to go buy another house or you could take that money and split it into multiple homes with more partners. – Because that’s our game plan, we don’t want to go from one to one, we want to go one plus one to eleven, so we’re going to double up as much as we can. – Yeah, awesome. Friends, I want you to comment below on this video if you have any questions and for those of you that are thinking, “Wow, I think I’m ready for real estate and I totally need a partner.” We have a partner profits program so go ahead and click the link below where we can actually give you all the juicy details from partnering on A to Z on exactly what you need to go ahead and rock it out and make it happen. Thank you Marianne for being on the channel. You can find her on Six Figure Mastermind and, friends, I hope you take today’s and knowledge that you gained from this video and that you put to great use and that you use it. Come find us on Facebook and check out some of the other places where we can meet up. In fact, if you click the link here, you and I, we can get live with each other. I always have some events somewhere in the world going on where we can meet up and spend time together focusing on building the right kind of mindset and getting you more powerful realistic tools.