282: How to Create the Perfect Partnership with Tim and Jay
When does one plus one equal WAY more than two? Real estate partnerships! On this episode of The BiggerPockets Podcast, we sit down with two real estate investors (Jay Helms and Tim Kelly) who were attempting to build their business alone, but found they could do far more together. In this fun and fast-paced interview, you’ll learn what makes their partnership so successful, as well as how the team analyzes a market (including several can’t-miss online research websites), and how they took down a 42-unit apartment complex using some pretty fantastic creative financing. Whether you plan to build your empire alone or alongside a partner, this episode is sure to give you a variety of tips and strategies to help your business take off.
In This Episode We Cover:
- Tim’s background story and how he got into real estate
- Using 203k loans to buy deals
- Jay’s background and his live-in flip
- Why they think they make up a good team
- How they closed on an apartment complex 6-months after partnering up
- How they found the deal and details about it
- The importance of a clear and concise plan
- How they financed the deal
- Tips for finding the right partners
- How to create a “sample deal package”
- What to look for in a partner
- Why they participate in the BiggerPockets Forums
- How to network effectively
- What a good deal is for them
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Webinar
- BiggerPockets Podcast 066: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank
- BiggerPockets Events
- BiggerPockets Marketplace
- Best Places
- Bureau of Labor Statistics
- City Data
- Yelp
Books Mentioned in this Show
- How to Win Friends & Influence People by Dale Carnegie
- Rich Dad Poor Dad by Robert Kiyosaki
- The ABCs of Real Estate Investing by Ken McElroy
- Sovereignty: The Battle for the Hearts and Minds of Men by Ryan Michler
- Wild at Heart Field Manual by John Eldredge
- Tax-Free Wealth by Tom Wheelwright
Fire Round Questions
- Sellers Do Not Want to Give Due Diligence. What Do I do?
- If u had no ties 2 any city,Where would u move 2 start investing?
Tweetable Topics:
- “Is there a better way to first get involved in real estate than to leverage the power of the bank?” (Tweet This!)
- “Once you figure out your why, then you will be able to set goals to support that why.” (Tweet This!)
- “It’s more important to pick something than to get stuck choosing the right thing.” (Tweet This!)
- “I want to live where I want to live and invest where it makes sense.” (Tweet This!)
Connect with Tim
- Tim’s BiggerPockets Profile
- Tim’s Facebook Profile
- Tim’s LinkedIn Profile
- Tim’s Instagram Profile
- Tim’s Website
Connect with Jay
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