JV Tips to Attract More Partners

[JoeRagona]

A few weeks ago, I had an exclusive JV Attraction Webinar and had some great tips on how to get JV partners. So I thought I would share them with you, my fellow REIN community members to help you out.



There's 8 in total on my YouTube channel, and here's the link to #1 to get you started - they're all about 3 minutes



JV Mindset Tip #1

 

[angelapeng]

Hi, Joe,



I have viewed all 8 videos on youtube. Great information and experience sharing. I have been experiencing these in my JV attraction. I particularly like the 4 learning types of JV prospects. Knowing what type of JV they are is critical. I enjoyed the knowledge very much.



Thank you.



Angela

 

[JoeRagona]

Thank you for taking a moment to let me know Angela!!! I'm so happy it helped you out!



That's why I'm sharing what I've learned throughout my challenges attracting JV partners and just by applying my business knowledge in marketing to the process!



If there's anything else I can help you with, OR a topic about JV you would like to see covered, please let me know and I'll shoot a quick video for it!

 

[stephdietz]

Hi there!!



I just joined REIN and I'm trying to get familiar with everything!

So when you are starting to invest, one would likely use their own sources of financing first, correct?!

And then once I'm confident and need to bring in a JVP, what would be the first step?

Do you have a run through of how to prepare myself and how to attract someone. I don't have a lot of people in my life who would have the money for real estate investing...



Thanks

 

[RedlineBrett]

[quote user=stephdietz] Hi there!!



I just joined REIN and I'm trying to get familiar with everything!

So when you are starting to invest, one would likely use their own sources of financing first, correct?!

And then once I'm confident and need to bring in a JVP, what would be the first step?

Do you have a run through of how to prepare myself and how to attract someone. I don't have a lot of people in my life who would have the money for real estate investing...



Thanks




Welcome to REIN!



Grab a big cup of coffee and hit up the search function - lots and lots of great discussion on stuff like this.



In my experience most successful investors that do the JV thing invest with their own money first, and then after they have established a track record they move on to JV capital.



My favourite strategy is to always buy properties without a partner, and then after the property is renovated and fully tenanted I shop for a long term equity investor. The investors are then buying into more of a 'sure thing' so the sales cycle is faster and it's easier to charge a premium for the 50% interest.

 

[JoeRagona]

Hi Steph (I hope that's your name)



Brett has indicated a great way of approaching your real estate investing and he's also right in searching for ideas here on REINSpace.



What you're asking are a few broad question and I'm struggling which "hat" I should answer this with (my investor or my coaching one) but I'll do my best to get you pointed in the right direction.



As an investor, yes, I have found that it's much better to be confident in what you're doing first so you can be sure you are aware of the situations that come up in your business. When you are looking for JV partners, they will be "buying you" not your investment.



When you ask about bringing in a JVP as a FIRST STEP I would be starting to ask people RIGHT NOW what their pains, frustrations and immediate needs are. What is their DREAM scenario, where do they want to be, what's going on right now that is NOT working? The reason you are taking in all this data, is to be able to frame and talk their language when you DO need them.



Secondly, you are going to use a 'message' that resonates with the people that YOUR investment fits. In other words, if you buy single family homes with a plan to hold for 5 years, that makes $200 cash flow per month and you are splitting that money, then you will not look for a JV partner that wants to buy multiplexes and so on.



WHY?



Because if you have done your own clarity work first, then you are buying a specific type of property in a specific town and so on for a reason - I've discovered with all my clients that the number one cause of business stress and possible failure is DISTRACTION.



So, when YOU know exactly what your buying , why you buying it & where you're buying; you can start talking to people telling them your story, etc but at the same time 'triggering' the key pains and frustrations they are having so they are 'attracted' to your solution.



I could go on for days about attraction, but it comes down to:



KNOWING EXACTLY WHO YOUR MARKET IS



If you want to run through an exercise or two I use with my clients, I'd be happy to set up a free conference call with you and shoot you over some exercises to help you gain clarity.



If that interests you, email me at [email protected]



I hope this helps!