Lessons learned from doing business with family with Lee Johnson

<p>Welcome to Real Estate (Un)Success Stories. Lee Johnson with <a href='https://www.valueinvestmentpartners.com/'>Value Investment Partners</a> joins Cody for this episode and they’re discussing the sometimes uncomfortable conversations around doing business with family and how you can mitigate a few of the common issues.</p> <p> </p> <p> </p> <p>As the Co-Founder and Vice President of Value Investment Partners (VIP), Lee is responsible for implementing strategic methods to grow VIP and help partners grow their wealth using various alternative investment strategies that allow leveraging money and time, conducting and monitoring project due diligence He has been investing in real estate since 2005 through multifamily, private lending and rehabbing residentials properties. His focus now is passive investing through real estate syndications and active multifamily investing.</p> <p> </p> <p>His current portfolio spans multiple markets around the country – over 2800 units valued at about $334 million. As both an active and passive investor, his approach to business is “Being an investor first” which simply means he only shares investment opportunities that he also invests in himself. He is a driving force for embodying creative use of alternative investment strategies, building generational wealth and empowering people to achieve wealth. </p> <p> </p> <p>Key Takeaways:</p> <p> </p> <ul><li>When you fall, you’ve got to get back up.</li> <li>If you’re going to do business with family, treat the business as a business. Create the entity. Create the operating agreement, up front. You don’t want the family to be impacted negatively.</li> <li>Most new businesses that fail, fail within the first 5 years.</li> <li>Communication is key. Talk to your partner.</li> </ul> <p> </p> <p> </p> <p> </p> <p> </p> <p>During this episode, Lee mentions the two books, <a href='https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194'>Rich Dad Poor Dad by Robert T. Kiyosaki</a> and <a href='https://www.amazon.com/It