Any advice for how to aproach/entice an experienced investor about possible partnerships options? I met this investor at an auction, . This person has the experience and knowledge of the area I recently moved to, but currenlty has her money tied up. she is fluent in rehabbing and landlording. So I would be providing the money, theoretical knowledge from the many hours spent attending seminars, talking to investors, and reading the posts on this site. I would be doing all the legwork. I also have strong marketing, business background, not to mention strong will to succeed and avoid as many mistakes as possible.
Ok, you have the money, theoretical knowledge and you would do all the legwork and have a marketing, business background and a strong will to succeed!
Why is it your talking about potentially giving 50% of profits away in a partnership to a potential partner who has no money, but has experience and knowledge? Sounds like a consultant or a mentor would be a better option as you keep 100% of your profits and even paying for consulting or mentoring your still way ahead of the game!
It does not have to be a 50/50 partnership but enough to entice the investor inerested in handling the day to day rehabbing/landlording headaches and use her many years of expertise/knowledge of the local market I am buying in. Also as a longterm view (within 6 months ) I would like to be able to expand and get funding from either angel investors or private money sources and thought using the credentials of the partner along with mine would be more credible to obtain funding.