What do you think of Partnerships?

I’ve taken the last couple of weeks to understand what type of partner I need to be and the type of partner I need to invest in MHP.

I’m curious what some of you have discovered about partnerships (the good and bad) when it comes to investing in MHP specifically.

Do you recommend it?
What type of partner has worked best for you?
What would you caution against?
etc.

I don’t have the breadth of experience that a lot of folks on this forum do. However I would suggest the ideal partner brings skills/personality traits that you don’t have to the partnership. A partner on one of my deals is hard-working, good with people, not afraid to get his hands dirty. We call him Eeyore because he always sees the bad in everything. On the other hand I’m terminally lazy, don’t like dealing with people but bring a lot of enthusiasm and believe everything will work out for the best.

My money partner is very detailed oriented, and is cautious. I’m only detailed enough to get happy and then full bore caution to the wind.

if you have all one-side then you never make a deal because there is always something not perfect or you make too many deals because everything is goiing to be perfect.

A few quick thoughts are “Trust, but verify”, write everything down - including your intent in any deal so your estate can understand it if you happen to pass away, figure out how you are going to get divorced before you do anything else.

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Great advice! Thank you!!

My thoughts on partnerships have usually been to avoid them… however… I am learning that it can be an advantage if you find the right partner. I would be very clear on terms of the agreement and definitely have an exit.

It all really depends…I do work in a high stress nursing environment and we work in teams. I do partner and we do tag team on complicated tasks with some nurses because I TRUST them, and I have some that I would never team up with, NEVER.

I had 5 partners in Real Estate businesses, 3 of them were not a good experience, 2 were phenomenal and still are.

Similar values and believes, goals, etc but different skill sets and strengths. TRUST. Always think on how DIVORSE will look like.

Partnership is like getting married. What are your feelings about marriage?

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We currently own 2 parks. We do everything in house. We have for over 10 years. We are struggling with the same questions about if a partner is brought on what are the pros and cons. Trust and no BS is a must. Everyone must have an idea what they want, what they bring to the partnership, and what they need to succeed. Everything must be laid out in contract with a exit plan. Good luck

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To answer your questions in order:

  1. No.
  2. The only partner that works is one that brings something to the partnership that you don’t have and cannot easily hire.
  3. Hiring someone with the same skills and goals as you.

If you need money get investors, not partners.

Todd