Even though it has been around for a while, don’t expect to find fixed rules for individual partnering agreements. With concept rapidly evolving, some partnerships resemble entities unto themselves; others parallel outsourcing or subcontracting relationships. Some business owners partner only under carefully drawn contracts; others do it on a handshake. What’s important is developing an arrangement that satisfies all parties involved.

Partnering allows very niche-oriented businesses to serve clients’ complex needs and to compete against large firms that have all necessary staff in-house. Partnering also allows you to handle a large one-time project without actually hiring employees. Another advantage of partnering is it provides a home-based business opportunity to grow substantially without having to move to a commercial location.

Get It In Writing

While partnering enthusiasts claim there are no serious drawbacks to process, you should still proceed with caution, especially in beginning. Formalize your agreement with a detailed written contract that clearly defines each partner’s role and responsibilities.

You’ve written a nice book about probate real estate.. It is easy to read. It’s obviously worth thousands or even millions of dollars in real estate profit potential, and it's only $29.95. That's fantastic Ron. How’d you come to do probate real estate instead of something more common like foreclosures?

Ron Mead

I've worked in real estate for twenty years as a mortgage broker and investor. I worked in foreclosures for a couple years in mid ‘90s. I found that it wasn’t as easy as everybody made it out to be. Plus, it seemed like everybody and their brother was in foreclosure business. Then in mid-90s my mother passed away, and I inherited a house about five hours away.

While making one of my numerous trips back and forth idea came to me that if someone would offer me a reasonable price for her house I would take it. I thought that there were other people just like myself so after I sold house I decided to create a business that would help others who had inherited houses and would like to sell quickly.

Noelani Rodriguez

Ron, you’ve told me story one time about a real estate foreclosure investor that had a distressed seller pointing a gun at them, in other words that in foreclosures you’re sometimes dealing with people that don’t want to sell to you. However, in your book you talk about how sellers in probate are often very happy you came along. Can you say more about that?

Ron Mead:

Sure, that's major difference that I've found. The foreclosure nobody wants to sell to you, but oftentimes they have to. In probate lots of people want to sell to you. So you’re dealing with happy people not highly stressed people. To me that makes a big difference.

Noelani Rodriguez:

That's fascinating that you found people that actually want to sell their house to you as an investor. Can you tell me more about why people in probate want someone like you to come along?

Ron Mead: