I have done a ton of reading here (and I still feel that I am not fully comfortable with some of the stuff) and have come to the realization that I can not put as much time as I want/need to begin investing in real estate.
My question is, would it be feasible to find someone to partner up with and I would kind of “invest” with him/her and me just taking a percentage or whatever we agree on?
If going this route, what would I do to protect myself from being taken for my money? Contracts? Legal documents? Promissary notes? What would be the best thing to do to make all parties comfortable.
Or should I be patient and wait till I have more time on my hands (this may never come or I may get lazy) to try to invest?
I have about 20-30k saved that I can afford to invest. Also, if I find a partner, I’d also like to learn on the way as we go. I’d just like to get some opinions on what you guys think.
TIA
Hello Tia, It sounds like you need a “mentor” more than a “partner”. Have you considered joining an REI club in your area? This is the best way for you to learn your market and network with other people to help you. That would be your best step to success.
Sorry, TIA meant thanks in advance. =) Thank you for the advice. How easy is it to find a “good” mentor? If they were good, their time is probably spent doing deals and not finding time to help others? Maybe I’m wrong about this. But, I do appreciate your response and will try to look into mentors a little more. I’m from CA but looking to invest outside of CA. Would finding a mentor here in CA do me any good? Thanks.
Hello, Oh, Thanks In Advance, sorry. You can find a local mentor. They are usually at your local REI club. He/She will be able to guide you.
A good realtor in the areas that you want to invest in will probably be best for you. Build a relationship and compensate them well.