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Finding JV Partner starting with...

QUOTE (JNB @ Nov 12 2010, 01:50 PM) What would you say the magic number of properties you seeded on your own before you manage other`s seeds to plant in your dirt?

There is no magic number but it shouldn`t be zero... I mean you can start trying to raise capital owning zero properties and no track record and see how you do. Then buy one yourself and see how you do, then if no success try again with 2, then 3...

You don`t want to hold back your business but I think you`ll find you will have a lot more success when you can show that you can responsibly manage the investment and property.
 
QUOTE (ThomasBeyer @ Nov 12 2010, 02:24 PM) 3 is a good number to show a "track record" .. more is better .. say 3 sold .. and 2 or 3 owned and active but unsold ..
Thanks Thomas, Do you realy have to sell some to show a "track record"?
 
QUOTE (JNB @ Nov 12 2010, 05:18 PM) Thanks Thomas, Do you realy have to sell some to show a "track record"?

We are fairly young and new to the game, 1 1/2 years. We put together some really good deals and on our 3rd and 4th purchases our accountant stepped up with the down payments. She is not new to real estate owning 10 investments herself so it wasn`t a hard sell. She just asked to let her in. On the 4th our web designer asked if she could get in on the next deal.

We aren`t having any luck with family and as hard as that was at first I`ve come to terms with it. It`s much easier to work with someone who gets it than to sell/convince someone who doesn`t.

I`m actually pretty impressed with how far we`ve come in this short period of time.
 
QUOTE (JNB @ Nov 12 2010, 04:18 PM) Thanks Thomas, Do you realy have to sell some to show a "track record"?yes .. unless you can prove that property REALLY is worth X% more than you paid for .. appraisals are always somewhat nebolous i.e. at best an estimate ..

Would you get your eye operated on or a wisdom tooth pulled by a doctor who has this sign on his door:

"2 for 1 special .. recent graduate .. no experience"


I see some impressive numbers on your webpage (very nice, btw !!) .. so why not sell one or 2 of those "over the top" condos for 200-300K CASH PROFIT ? Perhaps the appraised price is not the real value you can get ?

You must must sell a few properties to prove that your claim is true. Then, later, you can get by with "appraisals" .. but not at the beginning. I made a point of selling many buildings "too early" to prove a point.

A 6 digit cheque deposited also makes you far more more confident .. as it happens so rarely when you`re young !!
 
QUOTE (ThomasBeyer @ Nov 12 2010, 07:39 PM) A 6 digit cheque deposited also makes you far more more confident

A 6 digit cheque probably means you can make your investment (or two) without the help of a joint venture partner!

Michael
 
QUOTE (bizaro86 @ Nov 13 2010, 02:31 PM) A 6 digit cheque probably means you can make your investment (or two) without the help of a joint venture partner!
or you do both !!

lever your experience/knowledge using your own cash AND that of others !
 
QUOTE (ThomasBeyer @ Nov 12 2010, 07:39 PM) ...I see some impressive numbers on your webpage (very nice, btw !!)
Thanks Thomas! Web and App Development is my second nature (from my IT background)... :-)

QUOTE (ThomasBeyer @ Nov 12 2010, 07:39 PM) .. so why not sell one or 2 of those "over the top" condos for 200-300K CASH PROFIT ? Perhaps the appraised price is not the real value you can get ?

You must must sell a few properties to prove that your claim is true. Then, later, you can get by with "appraisals" .. but not at the beginning. I made a point of selling many buildings "too early" to prove a point.

A 6 digit cheque deposited also makes you far more more confident .. as it happens so rarely when you`re young !!
Thanks also for this insight. It totally makes sense. I will definitely consider all that you said...
 
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