Real estate is a team sport and we are only as good as those around us. Finding the right partner is difficult. Goals, values, and visions have to align for them to work. Partnerships can either be damaging and destructive or smooth and synergetic. There are numerous benefits of having a great partner, such as complementary skillsets, motivation, and accountability.
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Our guests today are lucky enough to have a flourishing partnership and they are certainly reaping the rewards. Paul Eterno and Lisa Schmidt join us to share what goes into a partnership that works. We learn how their strengths and weaknesses complement one another. While Paul is ‘pie in the sky,’ Lisa is detail-oriented which means they never miss a thing! They also give us some tips on choosing a partner and the non-negotiables that are necessary for this type of relationship. A partnership is like a marriage so you cannot enter it lightly. To hear about one from real estate heaven, join us today!
Key Points From This Episode:
- Lisa and Paul’s backgrounds, how they met and why they chose to work together.
- Why it is so important for good partnerships to have complementary skill sets.
- Learn about the different skills that Lisa and Paul bring to the partnership.
- On the first deal, Lisa and Paul chose to do everything to see strengths and weaknesses.
- Paul and Lisa shed some light on the extensive training that they have received.
- Some of the most important considerations when deciding on a partner.
- The key contributors to Paul and Lisa’s long-term partnering success.
- Discover the biggest challenges of syndication for Paul and Lisa.
[bctt tweet=”Within the real estate business, it’s good to be a good listener. And listen first before you speak. — Paul Eterno” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
Paul Eterno’s cellphone number — 6316646372
Lisa Schmidt’s cellphone number — 7604430747
About Paul Eterno and Lisa Schmidt
Paul Eterno is a Managing Partner at Legacy Property Partners. He was a career Human Resources Management executive in corporate America for over 36 years, working for major companies such as Blue Cross/Blue Shield of Greater New York, Avon Products, Inc., and Cushman & Wakefield. In January 2014, following Globecomm’s sale to a private equity firm, Paul was laid off and he took some time to reflect on a way forward. He enrolled in the US Tax Lien Association (USTLA) boot camp in Raleigh, N.C. and learned how to acquire tax foreclosed properties at county auctions throughout the United States. Following the end of training in April 2015, Paul began investing in Tax Deed properties under the business name P.E.R.E. (Paul Eterno Real Estate) Investment Holdings, LLC. He purchased 11 properties and redeemable deeds in the ensuing 15 months. This was the springboard for his new career in real estate investing. During that same period, he was nominated to the USTLA’s Mastermind group. This afforded him direct access to and training from the Founders of the USTLA, as well as their mentor. This opportunity proved to be invaluable, and eventually lead to Paul meeting his current business partner, Lisa Schmidt, a member of the same Mastermind Group. At that boot camp in Durham, NC Paul and Lisa decided to become business partners, and in December 2016 they formed Legacy Property Partners USA, LLC. Paul enjoys spending time with his wife and children. He holds a Bachelor of Science Degree in Business Administration from New York Institute of Technology and an MBA in Executive Management from St. John’s University.
Lisa Schmidt is a Managing Partner at Legacy Property Partners. After having lived her entire childhood with her family in one 800-square-foot home, Lisa moved away to attend college and graduate school, married the man of her dreams, and began what has been a life-long adventure, a love of teaching and real estate. While moving from state to state for 26 years during her husband’s Marine Corps career, Lisa focused on teaching students with special needs, all the while educating herself through real estate courses and buying homes wherever stationed. Finally, hoping to settle in San Diego, Lisa became a licensed real estate agent and enjoyed a successful 5-year career as a residential real estate professional. Moving out of the country for two years, Mrs. Schmidt started her third business- importing and distributing US and New Zealand brand dog and cat food in the Middle East. After moving back to the US after living in Kuwait for two years, Lisa began investing in tax lien and tax deed properties across the country. Four years later this interest grew to include multi-family and commercial real estate and Lisa joined forces with a fellow investor and friend, Paul Eterno, to pursue this next endeavor.
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