Should you just throw in the towel, and wait until you have everything you need?

NOT!

If you find yourself lacking one, two, or even all three of the resources you need (cash, time, and knowledge) why not do what I and other savvy investors do? Partner with someone who brings to the table what you can’t.

Let me give you three examples from my world. Right now, I have more cash and knowledge than time, so I partner with people who have an abundance of time, and we complement each other.

Last year, I partnered with my sister on a flip in the state she lived in at the time, North Carolina. I put up the cash to get into a single family foreclosure, and she put in the time and talent to get a minimal rehab done in about four months. We flipped the house and split about $20,000. Not too bad, considering I had almost zero time invested, and only about $10,000 cash at risk for four months.

Last year I also partnered with another couple on a foreclosure that we are going to hold for rent. I put $40,000 cash out for three months, they put about two months time and about $3500 materials into the rehab. We pulled our cash out in a refi, and the house is now nicely rented out at a $300 positive monthly cash flow.

Next, I partnered with my son on a mobile home flip. Mobile homes are great little deals to use for teaching new investors the mechanics of a deal. I paid $2000 for the home, another $1000 for lot rent and materials, and he put in a couple weeks time to paint and carpet. We split about $5500 profit. Nice little deal.

If you think about it, there are as many ways to partner as there are different kinds of deals and different types of investors. You’re only limited by your imagination. The key is to look at what you bring to the table, and what you don’t. Then, find someone within your network who has what you don’t, be it time, cash, or skills.

Next, approach them with the idea that you would like to partner on a deal. Most people will jump at the chance, if you put it in terms they can understand. Most especially, emphasize what you can do for them.

For instance, if it’s time you have and cash you need, find a busy person who has some money to invest. Explain that you have the time to find the deal and do all the legwork. If they can provide the cash, show them what’s in it for them. Be honest and tell them what you can do and what you can’t do.

Don’t get frustrated if the first few people you approach say no. Be patient. You’ll find someone if you stick with it.