A JV PARTNER IS MUCH LIKE A LIFE PARTNER…YOU HAVE TO BE COMPATIBLE TO MAKE IT WORK.
Without Joint Venturing, we would never have been able to buy over 100 properties, hold them for long enough for mortgages to be paid down, rents to go up and monthly cashflow to turn into money that we could rely on, use in emergencies and put toward the life that we wanted to live. We are so fortunate to have had WONDERFUL partners, every single one of them. Just like with every relationship, unexpected decisions come up, different comfort levels exist and differences of opinions can come up. Like any relationship, building on a firm foundation is key to weathering any storms. We are fortunate to be able to say that there is only 1 property to date that we have not made money on in the end, however there have been many, many cash crunches, tenant issues, vacancies, floods, fires and most else that you could dream of…yet every single on of our partners is still someone we have come to call friends, and this has stayed this way for 12+ years.
If you are thinking ‘ummm….I don’t need to know all this…I just want to be matched with a JV Partner”. Please stick with me…we get to it….
Now if you’ve ever attended any of our presentations, you’ll know that we are the first to tell you that we made many mistakes in the properties we bought. In fact, we probably bought more wrong than right, but only by learning from our mistakes can we speak so confidently on what works and what does not, and why. So yes, many many mistakes. The one thing in our investing career that I am so thankful that we seemed to get right from the get-go, was in choosing who to Joint Venture with. Somehow, we got this right from the beginning and it set a foundation that has been able to weather whatever storms we’ve come across, both financially and relationship wise.
We had ourselves done close to 100 ‘presentations’ to potential Joint Venture partners and what started as a practically scripted, very well supported (with pages after pages of annoying numbers and data and ‘back up’, that we thought every investor would want), ended up becoming a 20 minute conversation that brought in more money than we could even handle. in doing so many presentations, we started to realize what worked and what did not.
In our early Joint Venture coaching programs we started to notice individuals that we thought would make great partners with each other, and those that would not. We taught them how to present, using the systems we had put in place, and they would get partners but sometimes, we could just tell that they were on different wave lengths and long term, things didn’t seem like they would work out. In the honeymoon stage of any relationship, everything goes well, but we wanted things to remain going well even when things weren’t smooth sailing. Just like in most relationships in our lives, we have to know who we are, what we want and what we don’t, before we can bring another person in. And that is exactly what our Investor Profile Protocol, does for you.
Our matching protocol is pretty simple, you answer questions such as;
- am I more comfortable speaking in a room of people, or listening.
- does money keep me up at night?
- am I a teacher or a learner?
Super easy, takes most people just a few minutes of time, but what it will tell you is what kind of investor you are. What are your major pitfalls? What are your major strengths? What standards should you put in place so that your weaknesses won’t affect your investments?
This is the first step. Once you know what type of investor you are, then the fun can begin.
Contact our office now to get started on your Investor Profile and let’s watch the magic begin!