- Joined
- Apr 25, 2009
- Messages
- 106
I closed on my first joint venture and first property since joining REIN. My story starts way back in January when my friend with some extra money decided he was sick of the RRSP and ING account returns he was getting and wanted to put his money into real estate. Knowing that I was already renting out our old house, he thought I might want to partner up with him and he would just act as an investor. So now after 7 months of work we finally closed on our new rental in July.
It was actually my JV partner that pushed me into joining REIN, by saying that I need to learn how we can partner up and do this together. I had been wanting to join for a while but just never pulled the trigger to get it done. It worked out great because he knew that I was learning and that I didn`t know every answer for him, and let me go find the answer and get back to him.
After joining REIN and spending months learning about ACRE, I attended my first ACRE event and bought Russell`s joint venture book. Then spent another month or more learning how to do a joint venture and creating my own documents. Then I started looking for a house to rent out. After spending another couple months finding, closing, settling on a joint venture agreement (with a partner who wanted every I dotted and T crossed, so it took up a lot of my time just getting all the wording in the agreement to satisfy both of us) and now going through the stress of finding tenants, it sounds like we have the house fully rented.
This Success Stories Forum was always one of the first forums that I would read even before and after joining REIN because it always gave me a boost to hear that people were succeeding. So my advice to someone reading this that is looking for advice, would be to just start taking action. I did not know everything that I was doing but I was willing to work hard to learn. At the time I didn`t always know what my next step was because I had never been through it before, but then my lawyer would say `ok now you need to do this` or my realtor would say `you really need to take care of this` and in the end it all got done even though I didn`t always know what was going to come at me next. I heard so many people say just start taking action and it is true.
Thanks to the usual suspects, Thomas Beyer, Sherilynn, and Adam Hoffman for answering a lot of my questions and I am continuing to ask them and get answers. Thanks to others that answered my posts as well, these 3 just seemed to answer on a continual basis.
Hopefully the next one will be easier and won`t take as long to complete now that I have done one already.
Troy
It was actually my JV partner that pushed me into joining REIN, by saying that I need to learn how we can partner up and do this together. I had been wanting to join for a while but just never pulled the trigger to get it done. It worked out great because he knew that I was learning and that I didn`t know every answer for him, and let me go find the answer and get back to him.
After joining REIN and spending months learning about ACRE, I attended my first ACRE event and bought Russell`s joint venture book. Then spent another month or more learning how to do a joint venture and creating my own documents. Then I started looking for a house to rent out. After spending another couple months finding, closing, settling on a joint venture agreement (with a partner who wanted every I dotted and T crossed, so it took up a lot of my time just getting all the wording in the agreement to satisfy both of us) and now going through the stress of finding tenants, it sounds like we have the house fully rented.
This Success Stories Forum was always one of the first forums that I would read even before and after joining REIN because it always gave me a boost to hear that people were succeeding. So my advice to someone reading this that is looking for advice, would be to just start taking action. I did not know everything that I was doing but I was willing to work hard to learn. At the time I didn`t always know what my next step was because I had never been through it before, but then my lawyer would say `ok now you need to do this` or my realtor would say `you really need to take care of this` and in the end it all got done even though I didn`t always know what was going to come at me next. I heard so many people say just start taking action and it is true.
Thanks to the usual suspects, Thomas Beyer, Sherilynn, and Adam Hoffman for answering a lot of my questions and I am continuing to ask them and get answers. Thanks to others that answered my posts as well, these 3 just seemed to answer on a continual basis.
Hopefully the next one will be easier and won`t take as long to complete now that I have done one already.
Troy