Host Edition: Key Considerations for Real Estate Partnerships

Follow Mike and Shawn on Instagram:

• Shawn: @shawn_dimartile
• Mike: @miketighe_

In this episode of the Real Estate Takeoff Podcast, hosts Mike Tighe and Shawn DiMartile discuss the important factors to consider when partnering with other investors for real estate deals. They provide valuable insights and advice based on their own experiences in the industry. The hosts cover topics such as the earnest money deposit, lending, asset management, property management, banking and financials, reporting to investors, construction and project management, and sale and disposition. They emphasize the need for clear communication and alignment of goals when entering into a partnership. Listeners will gain a better understanding of the key considerations and discussions that should take place before partnering with others in real estate investing.

Some key takeaways from this episode:

• The earnest money deposit is an important topic to discuss before partnering with someone. It is crucial to determine who will be responsible for bringing in the deposit and ensure that all parties have the necessary liquidity

• When it comes to lending, the person signing on the loan should have a say in selecting the lender. It is important to consider the experience and qualifications of the individuals involved in the partnership

• Asset management responsibilities should be assigned to the person with the most experience and expertise in managing properties. This role involves overseeing day-to-day operations and making decisions to ensure the property performs according to projections

• The selection of a property management company should be based on merit and performance, rather than solely relying on a partner's existing company. It is important to evaluate the property management company's track record and ability to handle the specific property

• Banking and financials should be overseen by a responsible party who has access to the bank accounts and can manage the finances effectively. It is crucial to have checks and balances in place to ensure transparency and accountability

Learn more about Mike and Shawn:

• Shawn: www.investorshawn.com
• Mike: www.investormike.com
• Website: www.takeoffcapital.com