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The idea is utilizing, partnering and utilizing partnerships to extend the ability to buy more or to buy more effectively for multiple parties that are all mutually benefiting inside of this partnership. There’s a contractual obligation, There’s a legal structure and an entity that’s kind of governing what that partnership is, but everybody is receiving benefit because all parties are bringing a certain aspect of the partner.

And are actively invested in some way in making that property work. What would your life look like if you could replace all of your working income with simple and conservative investments that could do it for you? Over the last 13 years, we’ve helped thousands of clients transact over half a billion dollars in simple and conservative real estate transactions, allowing them to begin replacing their work income with real estate investment income.

Each week we’ll be pulling back the curtain on the ins and outs of. Retirement based real estate transactions that will transform your financial future even if you have no real estate experience. This is Replace Your Income with me, Kevin Clayson and Steve Earl

Awa. Hello everybody and welcome to Replace Your Income with Kevin and Steve Earl, the one and only Steve Earl. Actually, I don’t know. There are other Steve Earls. There’s actually other Steve Earls. In fact, isn’t one of Rock. Well, he’s a country singer. Okay? I get confused with him all the time. He spells his last name a little bit differently.

Uhhuh, if you google the name Steve Earl Uhhuh, like even if you can spell it wrong, Uhhuh, he comes up, not me. . . I think you should just start to claim that you’re him. In fact, we’re gonna start today’s episode with the Country Solo by the one and only Steve Earl. Take away Steve, I promise you. Do not wanna hear me sing

Oh my goodness. Oh. So we are so excited to be with you guys, and we have a really interesting topic. And, uh, I mean, we always say that. We always say it’s interesting. I don’t know if they’re, We always think they’re interesting. Well, I, yeah, I was gonna say, we always think they’re interesting and really isn’t that woman?

It’s like, it’s like how I think I’m funny. So in front of my wife and kids, I think I’m funny. They maybe don’t think I’m funny, but all that matters is that I think I’m funny. I’ll, I laugh at you constantly. . I mean, I laugh with you. I was gonna say, I don’t know if that’s a good thing. I’m just kidding.

Well, cool. So we have a topic today that this is something that. We get questions on, Um, I know when I’m kind of working with people on the front end. I get a lot of questions on this and I know you work with this aspect of our business and personally, you’ve done this quite extensively. And today we wanted to talk about what does it mean to partner or what is partnering in real estate.

And this is one of those topics where, you know, you, you may hear about partner. You may hear about how do, sometimes you, you might have somebody that says they’re partnered with somebody in a real estate deal, and so we wanted to talk about what is a real estate partnership, What’s the anatomy of a real estate partnership, and specifically how does that work with single family residences?

Yeah, I mean, I’d even make the suggestion that, uh, whenever you’re, you are considering. A partnership in real estate that there’s some things that you need to consider. And you know, I, I’d even throw this out as kind of a, I don’t know a catch phrase, but principle based partnering. Mm. I like it. There’s some alliteration there.

Principle based partnering, kind of the concept. Our pop filters are working very well. , kind of the concept, you know, of whether you have two partners or whether there’s three, or whether there’s 10, right? Everybody needs to come to the table. With value, you know, everybody needs to be contributing something to the partnership of value in relation to what they’re getting out of the partnership.

Right? Sure. In order for it to be fair, and if you, you know, if you approach a partnership from that standpoint, There’s a better chance that it will meet the challenges of, you know, of, of the day over a long period of time, kind of weather that storm. Yeah. If there, if there’s one partner in the partnership who is getting more out of the partnership than what they have contributed, the chances of that partnership, you know, lasting over a long period of time.

Are very low because at some point over the course of time, you know, one of the partners is gonna feel a little bit, you know, undervalued or a little bit become jaded or feel like it’s like, why am I doing this? It’s like I’m doing all of the work, or I put all the money in, or I provided the credit. Yeah.

And, and it’s not equal. So I think the goal is to come into a partnership. You know, with as much equality as possible in terms of what you’re adding, the value that you’re bringing to the table versus, or in relation to what you’re getting out of the partnership. I think that that’s the concept of principle based partnering.

Yeah. Well, and I think, and here’s the deal. For those of you listening, if you’re not really sure what partnering in real estate is, or maybe you’ve kind of heard that the way. That Steve and I talk about partnerships, the way that we’ve personally partnered with people or, or the, the way that we’ve partnered with each other or whatever.

There’s always kind of, I don’t know, and correct me if I’m wrong, Steve, but I always think of it as there’s three main pieces to a partnership, especially when we’re doing single family residential real estate, right? There’s the money partner, potentially there’s a credit partner potentially if we’re utilizing mortgages, and then there’s a managing partner.

So when a traditional real estate. Transaction, right? Where you’re gonna have a down payment, so you’re gonna use leverage, you’re gonna have somebody who, who’s gonna be on credit that the mortgage is gonna go on, and then you’re gonna have somebody that oversees the operations the day to day, so on and so forth.

Those are kind of the three elements and those three elements. Sometimes one person can be the managing partner and one person can be the money and the credit partner. Or sometimes you could have one person kind of be, you know, responsible for the credit side of things, one person in the management side of things, and then one person bringing the money to the table.

So let’s kind of talk about those three roles in principle based partnering that one would fulfill inside of a partnership. Yeah. And we’ll, let’s discuss each of those individual areas. I, I think you nailed it there and, and I’ll just throw this in as well. It’s really critical to also have. An operating agreement in the, the entity that you choose to set up an LLC is oftentimes a, a, you know, a good choice.

There are other entities that potentially, you know, a person could use. We’ve kind of chosen to use LLCs in, in what we do, but the operating agreement spells out the roles of each of those partners and spells. All of the legalities, all of the, you know, how you get into the partnership, how you get out of the partnership, you know what different events trigger different things as you try and, you know, foresee what, you know, different potential eventualities depending on, on what happens with the property, right?

Depending on market conditions and. Time. And you know what, if one of the partners gets in a car accident and dies, you know, what happens there or what, or becomes incapacitated. Um, there there’s a, there’s a myriad of different things that a good operating agreement will account for to make sure that the partnership is safe and that, that it will work in a myriad of d of different, you know, outcome.

Yeah, so let’s back up for a sec because you bring up a good point, like let’s dive into, you know, a credit partner, a money partner, and a managing partner. But before we get there, what you’re saying is if we’re gonna utilize a partnership, there needs to be some sort of a legal structure and framework that dictates kind of how that partnership is gonna work.

Because, you know, look, this is not. A real estate transaction, as much as we would like it to be kind of a, a high five and a handshake, it needs to be more, more dialed in than that. And one of the things we’ve done an episode about LLC is where we say, Look, there’s some benefits to an llc, but there’s also some downsides to an LLC for you as an individual investor.

But in this kind of an environment, if there’s a partnership, if there’s multiple people, it may really make a lot of sense and you need to have some sort of legal entity and structure that kind of guide. How that partnership is gonna work. Yeah, exactly. And, and also it serves as a great reminder because we all have the tendency, regardless of our good intentions, sometimes we understand something a certain way differently than what we thought somebody else, you know, understood the exact same thing.

And so a good operating agreement hopefully spells things out such that all parties are very clear and, and also IT services as a great reminder because, You know, hopefully you’re going into a partnership with people you trust, people you like and have a relationship with. Those are all important elements of, of a partnership and, but because we all have faulty memories, sometimes we just need a, you know, to be able to go back and read what we agreed to.

Yeah. And then it’s like, oh yeah, okay. I remember now I. I’m not going to throw a brick through your window because I got, you know, upset at you because I remembered things differently. Right. So, So it’s important from that standpoint as well, and it just makes, it’s good common sense to do that. It also spells out how you’re gonna do the accounting.

Yeah. Right. You’re gonna do disbursements and all of those, the, the little details that help ensure. The longevity and the success of, of that partnership? Well, and there’s a couple different ways that I think a partnership can work, right? It could be the fact where yesterday I was talking to a client that’s gonna be starting to work with us and we’ve got a mom and a dad, and we’ve got a son.

Now, they all have money. They all have credit, they all have ability, but they want to partner together just because they wanna be in the transaction together, right? It’s not that they don’t have enough money or credit individually to be able to move forward. They just want to be together. On a partnership for whatever reason.

Right? That’s one way that we see partnerships for ’em. Another way is you may have somebody that says, Hey, look, I’ve got really good credit, but I don’t have a lot of money in capital. Or you may have somebody that says, Hey, I don’t have good credit, but I’ve got capital. Or you may have somebody that says, Hey, I have good credit, but I have too many mortgages on my credit, but I still have capital.

Right? So there’s a variety of ways that the partnership can form. It could be just because we wanna be in business together. Or it could be kind of a marriage that benefits all parties, cuz I have one element, you have another element, and then we decide how we’re gonna partner together. It just opens up a world of possibilities to us so that we’re not limited by maybe some of the standards kind of set by Fanny and Freddie if we’re utilizing leverage to maximize our returns.

So I, I really love the different kind of definitions that you used. Reasons why somebody would get into a partnership. Let me add just one more. There are some individuals who have, you know, retirement funds, say in a self-directed ira. Unless you want to buy a property cash, you really can’t use your IRA for, you know, real estate investing.

There are some different things like non-recourse loans that you can use funds for, you know, for a down payment. But you know, non-recourse loans can be very tough. Interest rates are higher terms or. They’re just more difficult to make work, and so sometimes a partnership can work really well in utilizing IRA funds as well.

So if you have, you know, retirement funds in a self-directed ira, 401ks, that kind of a thing, there are ways to utilize those funds in a partnership that are very effective. Yeah, and, and just kind of to make sure everybody knows too, whenever Steve and I have conversations like this, Look, we’re not financial advisors, right?

We’re not licensed individuals that could tell you, Go get an llc, or This is how you should do the accounting, or, you know, that’s not what we’re here to do. We’re literally always speaking from a place of here’s what we’ve seen, here’s what we’ve seen work, Here’s some things to consider. But at the end of the day, if you’re considering a partnership, you 100% need to be talking to an attorney, talking to your accountant or your cpa.

Making sure that all parties are informed and know kind of what time it is with the potential of what that investment could mean from a legal side of things, from a financial side of things, from an accounting and a tax prep side of things. So again, we’re not offering that kind of advice or saying This is what you should do.

We’re just saying, Okay, look, it’s a question that comes up. How do we partner? What’s the makeup or the anatomy of a partnership? What are the things that we need to consider? Because what Steve just touched on is. So if you go back a few episodes, we had a chance to interview Matt Sorenson, who, um, from directed Ira, who’s phenomenal, right?

He, he is like the worlds, if you remember the world’s foremost expert on self-directing. Uh, he was also an attorney. Yeah. And an attorney. Yeah. So he could actually say the things, the legal things, right? But one of the things he talked about was using leverage inside of an ira. To kind of grow the portfolio.

The thing is, like you just mentioned, Steve, it could be hard to go get a non-recourse loan, which Matt talks about in that episode. But the other thing that you just brought up, and this is something we’ve seen take place among clients, is you may have somebody that has self-directed funds and those self-directed retirement funds, IRA funds, allow you to kind of, basically my understanding is make a loan to someone, right.

So effectively you go into a partnership, you are sort of loaning the partnership, some money that’s gonna be repaid through the performance of the property. And so you have retirement funds that could be partnered with somebody else’s credit, right? And that’s, And then you’ve got somebody that’s managing the partnership.

So that’s, it could be a loan or it could be a capital contributions. Just depends on how you structure it, based on what your attorney tells you is the best way based on your situation, you know, makes the most. To make sure that you follow within all the rules and regulations that govern an IRA so that you, you don’t put that structure at risk and, uh, you know, in the future end up having an audit just to find out that you all, all these taxes cause you didn’t do it right.

Oh, that would be fun. What did that just make your day? Yeah. Yeah. And so, so we’ve got this idea of partnering. We’ve got these partnerships that exist where they want have, you want to have some sort of a, a, a solid legal structure. You wanna kind of know how that partnership’s gonna. Form so that everybody’s interests are protected over the long run.

Now let’s kind of break down and say, okay, so partnerships exist. Partnerships can exist in real estate, but what are the three main principle pieces of this principle based partnering, especially the way that our clients do it or the way that we do it with single family residential real estate. And like we mentioned earlier, there’s kind of those three main components, right?

There’s credit, there’s uh, capital or, or money, and then there’s the management side of things. And again, one person could play more than one of those roles, or you could have separate people playing those roles. So let’s kind of break those down. And let’s start with maybe, let’s start with credit, both in terms.

What a percentage might be for a credit partner and also how a credit partner could potentially function inside of a partnership. Yeah, so what, uh, the credit partner brings to the table in terms of value is that they have a resource, right? They have because of their stellar payments on, you know, anything that they got a loan on and their credit history based on their behavior.

Is a resource. And so if you’ve got a good credit score and you have the ability and you’ve got good income and you can get a loan, like that’s something that, that you can bring to the table and that that’s good value, that’s a valuable contribution, right? Especially if somebody can’t either qualify for financing on their own or they have too much financing, they can’t go get another loan.

Having a credit partner, that’s a huge value so that you can utilize, leverage and maximize some of the potential. Yeah. And you know, as the credit partner who’s getting the loan, uh, one of the things that we, you know, kind of recommend is that, you know, in, in some partnerships I’m aware of, the operating agreement states that, hey, they’re, they’re gonna deed the property into the name of the LLC as opposed to keeping the name and the name of the credit partner.

We kind of take a little bit different approach when people come and ask us, Hey, it’s like, Hey, how should I do this? We kinda like it better. And again, this isn’t right or wrong, it’s just it’s, it’s what we’ve chosen to do based on our conversations with our attorneys and other attorneys will tell you to do this, to do it differently.

But in the case, put where you know there’s financing involved. We like the idea of keeping the property and the name of the individual who gets the credit, but then. The operating agreement spells out the details behind the scenes stating that the ownership of the distributions and when a property is sold are gonna be split according to whatever the op aiding agreement states.

And it also discloses and states that, hey, the, the credit partner is gonna maintain the property in their name and they will be on title. But then there’s a contractual obligation behind that and we, we’ve just decided to go that route because, Of, you know, different lending, you know, situations where, you know, if, if you change the name, On title of a property, and yet the loan is in a specific name that potentially could be construed as loan fraud.

Yeah. In fact, what happened back in 2008, 2009, is that there were all of these straw buyers and the definition of a straw buyer, somebody who gets a loan, you know, gets the loan in, in their name, but then with the intent, Knowing beforehand with the intent that they’re gonna deed that property, a quick claim deed or something into the name of somebody else or another entity, and they’re not really gonna have a say in what’s going on with that property.

They’re not gonna have any control over that property. And that’s kind of the definition of the straw buyer. And that’s kind of some, And then when kind of everything hit the fan back then there were all these people who were, had these loans who then all of a sudden actually did become liable for, Yeah, those properties when values were lost.

That kind of a. So it’s important that, that all three partners are active partners. Like you can’t have passivity in a partnership or you can, Again, I’m not an attorney, that kind of thing. This is just my best understanding of how our attorneys explained it to me is that when you have a passive scenario of one of the partners or or two of the partners, if there’s three of them, you know, all of a sudden you’re, you’re creating a security and one of the exemptions to a security issue.

Is, is that all partners are active, they have decision making, capability and, and control, right? Some, some degree of voting rights and that kind of a thing. And so those elements are important in, in a partnership as well, aside from just you know, who gets what and that kind of a thing. So having said that, getting back specifically to the credit partner, we like the idea of the credit partner keeping the property in their name with the background in the operating agreement, Defin.

Kind of everything else behind the scenes. And so what’s the value of, of what a credit partner brings to the table? We believe that a credit partner is, you know, somewhere between 20 and 50%, and in many cases, depending on what the other partners are bringing to the table. 20% is a great number for a credit partner in Yeah.

In my estimation. And in other scenarios it makes sense to, for them to have, you know, something higher. And that’s all negotiated between the partners so that all parties are benefiting. Yeah. From the partnership. Exactly. And I’m really glad you, uh, described what a straw buyer was cuz I was always like, how do you buy a house with straw?

And so thank you for that. I really. I needed that. So thank you so much. No, so this is a good point, right? So, so there’s the credit partner we kind of talked to that maybe who that kind of individual is, the value that they bring, what that value is worth. And now let’s kind of transition into the money partner cuz I think what a lot of people think when they look at a partnership, they would mo and I see if you agree with me on this.

I think most people look at the money as the most important. So therefore it should make the most in the partnership. But we don’t necessarily think that. The case 100% of the time. So let’s talk a little bit about the money partner, what they do, what they’re responsible for, and maybe what that kind of value and percentage of value is worth to a partnership.

Yeah, what what’s interesting about the money partner is that the actual coming up with the money is probably, you know, one of the more difficult parts of the partnership. And this also relates to, you know, what’s the value being brought to the table is the ease at which you can find a certain type of partner.

It is much harder to find the money partner than it is to find the credit part. Typically, and therefore it’s, it’s a more scarce resource. Yeah. That’s why gold is worth more, It’s cuz it’s a scarce resource. Yeah. And whereas dirt is less expensive because it’s found everywhere. So, and I’m not trying to relate, you know, the credit partners to dirt or anything, but, but it’s just more, they’re more plentiful.

There’s more of them available and that’s why typically it’s the value placed on a credit partner is a little bit. And, and there’s more value on, on the money partner. So in many scenarios, you know, 50% up to 50% and it, it can be whatever. Again, it can be whatever the partners decide on, but that’s kind of a typical scenario is, is the money partner, you know, is, is about a, a 50%.

And so, 50 for the money partner, 20 for the credit partner, that at least 30% for a managing partner. The reality is it really depends on who the manager is. Yeah. The managing partner might be not be worth 5%. Right. Like if they’re just somebody who has some time and they can kind of sort of like manage stuff, but they have no expertise.

Yeah. Then what to bring to the team. Yeah. Maybe isn’t that valuable. Right. But. But they’re valued enough because they can be the person who can, can interact and maybe they’re willing to learn and that kind of a thing. But a managing partner who already has relationships, you know, with property managers.

They understand the, the markets where, you know, where they’re gonna buy it, They’re gonna be kind of the, the one bringing the opportunities to the table, right? The managing partner doesn’t just manage the property once it’s bought. They, they manage the buying process, they manage the finding process, they manage the rehab process.

They’ve got all of this expertise that they bring to the table, and like you said, contacts, maybe it’s suppliers, maybe it’s property suppliers, property managers, rehab crews, whatever that is. All of that. You can’t have a deal succeed if you can’t go find the deal and make that deal profitable over the long run.

And so if you’ve got somebody that has money, but they’re like, I’m so busy, I just, you know, look, I’d love to earn a return on my investment, but I just can’t do anything else. Right. So, Okay, perfect. We got a money partner and then you have somebody that. That, but maybe that money partner, they have too many loans on their credit.

So then we need a credit partner. And the credit partner says, Okay, great. Look, I’m gonna be passive. I’m gonna be on the hook a little bit here cause I’m gonna be liable. Right. That they’re not gonna be passive, they’re gonna be active in the sense that they have a voting rights. They’re, they’re part of the decision making, but they’re not like in the day to day.

That’s, Yeah. And that’s the same thing with the cash partner, right? Yes. They’re not passive. They’re, again, they’re active, they have voting rights, they’re, they’re helping make decisions, but they’re not in the day to day, Hey, should we. You know, a mesh hose for the, uh, for the sink. Should we do to, or classic toe.

Yeah. . Yeah, exactly. And then you’ve got the managing partner that, that’s kind of responsible for some, you know, bringing the relationships, managing the transaction, and even beyond, you know, continuing to manage the relationship with the property manager and maybe kind of take a look at, you know, the, the, maybe they’re doing some of the bookkeeping.

Yeah, they would be doing the bookkeeping. They’d be preparing the reports. They’d be keeping everybody in the. Like if you have somebody who’s doing all of those things, That’s a very valuable managing partner. That’s huge. As opposed to it’s like, Hey, we got this guy. He kinda sort of knows this. He’s gonna be like, like the guy who calls the accountant, but now we gotta pay an accountant to actually do the accountant and the taxes, as opposed to he has the skills and ability to do that.

Or he’s the guy that’s like, Calling and trying to find a real estate agent with some expertise as opposed to having a lot of that expertise themself. So it’s critical when kind of deciding the value that that managing partners bring to the table, looking at their expertise, the time they have available, what role they’re gonna be playing in the day to day, you know, management of the property and in the management of the success of the property, all the way to the counting the taxes, the profit lost statements, the cash flows.

Disbursements, all paying the bills, the bookkeeping, all of those types of things. Yep. And so all of these are important elements to a partnership. And then like we mentioned, you’ve got the anatomy of the partnership. Everything from percentages to who’s responsible for what. And by the way, you could have somebody in theory that is the managing partner.

And the money partner, right? Yeah. Yeah, exactly. And then if that were the case based on some of the percentages we’re kicking around, right? Okay. Maybe that person’s getting 70% of the deal or 80% of the deal, or whatever the partnership agrees on. Right? Or those may be three separate people. Right. And there’s the, the idea is utilizing partnering and utilizing partner.

To extend the ability to buy more or to buy more effectively for multiple parties that are all mutually benefiting. Inside of this partnership, there’s, there’s a contractual obligation, There’s a legal structure and an entity that’s kind of governing what that partnership is, but everybody is receiving benefit because all parties are bringing a certain aspect of the partnership and are actively invested in some way in making that property work.

Now the particulars. Can, I mean, we could do 25 podcasts on all the particulars of, you know, first money in, first money out, or what the percentages are wh how often distributions should be done or how the bank accounts should be set up and how you wanna season funds. And I mean, there’s all of these little things that we don’t really need to get into cuz it’s really kind of getting in the weeds.

But we thought, let’s put a podcast because we get enough questions. Let’s at least do a podcast that says, Okay, when you hear partnering in real estate, here’s kind of what it is. Here’s the way we view it with single family residences. You’re gonna have a credit partner, a money partner, a managing partner, and then give you some of the ideas of what is principle based partnering, What is the anatomy of that partnership, and what are some of the, I think one of the most frequent questions are how much should a credit partner get of the partnership or a money partner?

And again, you can figure that out amongst yourselves, but. We gave you some percentages that we see fairly frequently and that are fairly common. Yeah. And so I, I like that you, you know, brought this full circle back to this concept of principle based partnering. So let’s just define it really quickly, number one, and probably most, Well, they’re all, these are all important elements, but it’s gotta be a fair deal for everybody.

Or ultimately the partnership will end up failing, right? So, number one, absolutely. Number two, all of the roles squarely defined. Number three, those definitions need to be very ar, you know, well articulated in a well defined operating agreement that you have an attorney go through and make sure that everything is what it should be, right?

And then lastly, All parties involved clearly understand their roles and, and, and agree to those roles and feel good about those roles. And, and, and so the, the concept of principle based in, in those kind of loosely defined terms, those basic principles will help. The partnership to have the most likelihood for success because I’ve done a number of, lots of different partnerships through throughout my life.

Some of them have gone really well and other ones, you know, kinda go sideways sometimes. And when I go back and I, and I look at the ones that went sideways, it’s usually because things weren’t well defined. The roles weren’t as defined as they should have been. And you know, you know, one of the individuals ends up carrying a larger share of the, of the burden in, in one way, shape, or form or another.

And so, you know, if you talk to a lot of people like my dad, like, he was like, Don’t do partnerships on . Right. Well, The reason for that is because a lot of them kind of go south and some people are like, Hey, do partnerships but never do a partnership with your family. You know, because it just ruins relationships.

It’s true. And can, well, it, it can be true and it can be, can be true like for, for just your friends and, and other, you know, associates and so on. And that’s why if you do all of those things that we’ve been talking about, there’s a greater likelihood of success now in, in the world. Big things are hard to get accomplished without partnership.

You look at these skyscrapers and so on, those are like massive partners. It’s not like one individual. He’s got like a billion dollars typically, right? It’s like it could be thousands of people who invested in, in some kind of a, you know, a REIT or some kind of a fund or something, and collectively they were able to do a massive project.

And so for many people, a massive project is just one single family home. And so there’s power in partner. You can do things that you otherwise couldn’t do just all by. So there truly is value in partnering when done under the right circumstances and done in a principled based manner. Yeah. Awesome. Great summary.

And, and I, I’m glad we did this episode cuz I think it’s something we get a lot of questions on. So here’s how we wanna wrap up the episode. If you’re out there listening and you’re like, you know, I’ve heard about partnering, I’ve thought about partnering, I don’t really know, I’ve got some. Look, we are happy to at least have an initial fly by conversation and maybe provide some context or some thoughts and ideas for you.

You could always reach out to us through the website, dfy dash real estate.com. There’s a chat box that’s on there. You could, you know, you could also just email me if you want, kevin@dfy-realestate.com. Happy to. Share what we can, how we can, and if it’s something that you’re thinking about doing and something that you wanna investigate, awesome.

We do also have people that wonder, you know, if they can partner with us as a company and things like that. You know, look, that that’s not why we exist as a company. There are some individuals that we’ve been fortunate to be able to work with over the years, but generally speaking, this idea of partnering should be something you ought be looking at and.

How could I benefit from it? Is there a benefit for me? How could it work for me? And look, we’re happy to have a conversation and share some thoughts and ideas with you, and hopefully it benefits you and helps you grow your real estate portfolio and continue the journey of income replacement one property at a time.

Any closing thoughts, Steve? Yeah, I’ll just, I’ll just close with this and, and that is, you know, we do, do, you know, some partnering as a company with some of our clients on a, on a limited basis and only with individuals that we’ve come to know very. And have done business with for a long time because that’s one of the important elements of, uh, you know, of a partnership, is that you have a working relationship with them already.

You know how they’re gonna respond to when issues come up because you know you’re gonna have issues in real estate. You wanna, you know, have a, a good understanding of, of their savviness, uh, as far as an investor goes. And, and whether they’re, uh, you know, all of the different things that, that go into.

Knowing who your partners are very clearly. So, uh, just throwing that out. But it is a powerful principle as I, as I mentioned, and so you should look at it as something at different times in your investing life. Well, hopefully this has been beneficial and helpful for you to think about partnerships or at at least a little clarity.

We’re so thankful that you guys tune in. Thank you always for listening, for downloading, for sharing the podcast. It means a ton to us. If you have not had a chance to go to the Apple iTunes store or to the Apple Podcast app rather, and give us a five star review, we would love it. And if you wanna give us a one star review, the name of the podcast is Real Estate for Dummies.

If you’d like to give us a five star review, the name of the podcast is Replace Your Income. Guys, we love you. We’re so thankful for you. Thank you for tuning in today, and we’ll see you next week. Thanks. Take care. Thanks so much for listening to Replace Your Income with Kevin and Steve. Do you wanna connect?

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Until then, thanks so much for joining us on Replace Your Income and just remember income replacement for you and your family may only be one property away. See you next week.