October 9, 2024
Something I’m Reading
Started reading “Unreasonable Hospitality” and it’s really really good. One of the best business books I’ve read in awhile.
Something I Photographed
Me and some of the guys at The Fifty event!
Something I’m Excited About
Headed to Utah this weekend to speak at InvestorCon! Looking forward to seeing some of my investor friends and making new ones!
Something I Recommend
I learned the hard way that managing tenants can be a nightmare without the right tools. That’s why I now use TurboTenant. It simplifies everything from background checks to credit reports, so I can avoid problem tenants from the start. Plus, it helps with marketing, custom leases, and automatic rent payments, making my life as a landlord so much easier. Don’t make the same mistakes I did. Use code Brandon10 for 10% off at TurboTenant.com/betterlife."
One of the most powerful tools in real estate is something surprisingly simple: a handwritten note. In a world full of emails and text messages, a personal touch stands out and gets results. Whether you're looking to buy your next investment property or reach more potential sellers, Ballpoint Marketing handles it all—from building targeted lists to crafting and sending personalized notes. Their 'done for you' service has been a game-changer for my business. For up to 15% off, visit BallpointMarketing.com/BetterLife. I don’t earn anything if you buy—I just believe in the power of their work.
Some Thoughts to (Hopefully) Make Your Life Better
Here are six red flags you need to watch out for when picking a business partner. If you see #4… RUN, don’t walk, away!
Nearly all 13,000 units I currently own at Open Door Capital are owned with Partners, at various levels. The number of deals I’ve done totally on my own…I could probably count on my fingers and toes! Partners, especially in real estate, can make the work more fun, the investment more safe, and the workload a lot less. But ONLY if you have the RIGHT partner.
Choosing a business partner is one of the most critical decisions you’ll ever make as an entrepreneur. A great partner can help propel you to new heights, while a bad one can sink the entire ship. Over the years, I’ve seen both the good and the bad when it comes to partnerships. Here are six red flags you need to watch out for when picking a business partner. If you see #4… RUN, don’t walk, away!
1. Lack of Alignment on Values or Vision
If you and your potential business partner don’t share the same core values or long-term vision for the business, you’re setting yourself up for major conflicts down the road. This might seem minor in the early stages when everything feels exciting, but as decisions get tougher, this mismatch will rear its ugly head. Make sure you’re both on the same page about where the business is going and how you’ll get there.
2. Poor Financial Management
A business partner who has a history of poor financial management or who is currently in a bad financial situation is a major red flag. If they can’t manage their own finances, how can you trust them to manage the finances of the business? You don’t want to find out halfway through that they’ve mismanaged company funds or can’t meet their obligations. Always be upfront about financial expectations, and be wary if they’re dodgy about their personal financial history.
3. Lack of Work Ethic
The early days of any business are tough, requiring long hours, sacrifices, and relentless work ethic. If your potential partner doesn’t seem willing to put in the hard work or tends to procrastinate, that’s a red flag. You want someone who is as committed and driven as you are. A lazy or inconsistent partner will drag the entire business down.
4. Dishonesty or Shady Behavior
This is the ultimate deal-breaker. If you catch your potential partner in a lie or they’ve done something shady in the past, RUN. A dishonest person will poison everything. Business is built on trust, and if you can’t trust your partner, you’re setting yourself up for disaster. Whether it’s lying about past ventures, inflating their role in previous successes, or being less than transparent about their intentions, don’t let this slide. Dishonesty in any form is a non-negotiable red flag.
5. Overinflated Ego
Confidence is important in business, but there’s a fine line between confidence and arrogance. If your potential partner seems to think they’re always the smartest person in the room or can’t take criticism, that’s a big warning sign. A great partnership requires collaboration, humility, and the ability to admit when you’re wrong. If their ego is too big to let that happen, the partnership will struggle.
6. They’re Only in It for the Money
Of course, everyone goes into business to make money, but if that’s the *only* thing driving your potential partner, it’s a problem. You need a partner who’s passionate about the work itself, the mission, or the industry—not just someone chasing a payday. When tough times inevitably come (and they will), you need a partner who’s committed to the bigger picture, not someone who will jump ship the moment things get tough.
Love you!
Disclosure: “Some of the links in this post are affiliate links, which means I may earn a commission if you click on the link and make a purchase. However, please note that all opinions expressed here are my own and I only recommend products or services that I have personally used and found valuable."