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Is it better to go solo or to partner with others when you’re starting out in turnkey real estate investing? Why?

Entering the world of real estate investing can be overwhelming if you are doing it on your own. A partner can bring additional knowledge and investment capital to the table, but they also come with their own opinions about the way things should be done. Keep reading to learn about the pros and cons of each approach from some real estate gurus.
Jerome Myers

Jerome Myers

Jerome Myers, Founder and Chief Inspiration Officer of DreamCatchers and The Myers Development Group. Find him at jeromemyers.co.

Go Solo for Full Control

It’s better to build your turnkey real estate investing company solo because it gives you more control of the company. Hiring a coach or mentor will give you the thought partner most people are looking for in a partner while allowing them to keep the soon-to-be valuable equity of their enterprise. Partnerships have a pretty high “failure” rate so building a solo business is the safest bet for protecting all your hard work.

Partner to Take Advantage of Diverse Talents

You should partner with at least one other investor. There are several solid reasons. Two heads are better than one, and for more reasons than noticing an error or typo. If you have the funds, find someone who knows the property and the community. If you find a solid investment property, partner with someone that has the funds and/or the local experience to carry out the project.

As another example, I know of a situation where an investor partnered with a carpenter so they could get extensive woodwork done to rehab the house for thousands of dollars less and increase the profit margin.

Dave Kohl

Dave Kohl

Dave Kohl is Marketing Director with First In Promotions Inc., a real estate marketing agency.
Ryan Whitcher

Ryan Whitcher

Ryan Whitcher is the owner of Harmony Home Buyers.

Pros and Cons to Partnering and Solo Investing

There are pros and cons to both situations. Going solo means you take on the full brunt of the responsibility for the loans, investors, workload, you name it. But you also reap all of the rewards and have complete control of the decisions.

When you start a business venture with partners, you will not have the same amount of control, and the rewards will be divided. But, you will have more brainpower for idea generation, you will likely have more money to invest, and you will be able to divide responsibilities so the workload is a bit lighter.

The Right Partner Speeds Up Progress

I think that partnering up to start investing in turnkey real estate will accelerate your progress far beyond trying to figure it all out yourself. Without a doubt, you will find more success much faster by aligning yourself with the right investment partner. However, you'll want to make sure that you spend the time talking to many different potential partners to find the perfect person who brings different skills and experiences to the table.

Bill Samuel

Bill Samuel

Bill Samuel, full time residential real estate developer and owner of Blue Ladder Development.
Andrew Ervin

Andrew Ervin

Andrew Ervin, founder of Maxsin Investment Group.

Start with a Partner

When you first start investing in turnkey rental you should start with a partner if you lack the knowledge or capital to start buying properties. When two people come together in real estate, both parties should be an asset to each other.

This is a crowdsourced article. Contributors are not necessarily affiliated with this website and their statements do not necessarily reflect the opinion of this website, other people, businesses, or other contributors.

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