Let’s Talk Real Estate Investing with Sharon Vornholt
Business:Investing
My guest today is Tim Winfrey, and we are going to dive into tips for making a business partnership work. Becoming and staying successful business partners is no easy task, but he has successfully navigated this process.
Tim co-hosts the Freedom Chasers Podcast and that’s how we met. He is also a real estate broker, marketer, and a BPO expert. Tim has completed over 100 fix and flip projects and has managed the repairs of an additional 50+ REO homes. He currently manages a team of 5 agents as the Broker/Owner of 1st Class Real Estate Great Lakes.
Key Highlights:
[00:01 - 07:42] Opening Segment
• Tim shares his background and entrepreneurial journey
• It is crucial to have a partnership agreement in place before starting a business together
[07:43 - 14:29] Keeping a Business Partnership on Track
• What's the most important aspect of partnerships
• How Tim and Matt use their strengths and weaknesses to create a successful product
• Communication between partners is essential to keeping everyone on track
[14:30 - 21:47] How to Avoid Partnership Failures
• Partnership failures are often due to disagreements, miscommunication, and not knowing each other well enough
• The great advantages of doing a podcast
• Marketing as an investor vs marketing as a realtor
[21:48 - 29:39] Closing Segment
• Why wholesaling is a preferred way to get retail leads for realtors
• Define the problem defining and then provide a tailor-made solution
• Keeping the agency relationship defined and in writing is key to avoiding confusion with the seller
Connect with Tim on Facebook, or call his business line at (630) 273-7363.
Resources Mentioned:
The Freedom Chasers Podcast
1st Class Real Estate Great Lakes
Key Quotes:
"If you're an entrepreneur, new opportunities arrive all the time, and being able to make sure that everybody is being able to win in the equation is very important." - Tim Winfrey
"You don't want to get into business with somebody you don't know well." - Tim Winfrey
WANT TO LEARN MORE?
Connect with me through my website, Instagram, and LinkedIn
Or you can send me an email at sharon@sharonvornholt.com
Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified.
Learn more about this podcast on iTunes, or Stitcher.
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