If you’re lazy and unreliable, it doesn’t matter what you’re good at.
– Charlie Munger,
Being really good at something is not near as important as accomplishing something. The real estate business is not something you can do successfully by yourself. You need others to be successful in Real estate investing. REI is team sport. Do you really think that if you are lazy and unreliable others are going to want to work with you?
The real estate business in Baltimore City is a small business. I run into the same people over and over. Your reputation will get around. If your reputation is that of someone who is unreliable, no one will beat your door down to do business with you. No one brings deals to investors who can’t perform.
However if you have a reputation for working hard, being reliable and trustworthy, you will find others will go out of their way to work with you. I do a lot of business and have the ability to bring a lot of business to the people I work with. The attorneys, accountants, partners etc I choose to work with are all top notch. There are a ton of professionals that I simply will not work with again, as they dropped the ball when they had the chance.
By the way if you are afraid of partnering in your real estate investing, I get it. We all here stories about how partnerships can turn into horror stories. But how about all those partnerships that work out great. I have had 6 main partnerships in by business life. Two did not work out, but broke up on good terms. Four have worked out well to really great. Oh and, Charlie Munger, who made the quote above, his partnership worked out pretty well too. He is Vice-Chairman of Berkshire Hathaway and his partner is Warren Buffett. Click here to read some great quotes from Warren Buffett.