6 Places I Go When I Need Help Financing A Deal
If you want to be in property for the long term, you have two options. Either you…
- Learn how joint ventures work – and evolve into a master deal maker
- Or you stay a hobby investor, letting your fears, limiting beliefs, and what other people think, stop you from reaching your full potential
Only one of these two options leads to creating long term financial freedom.
Can you guess which one?
Of course you can! (After all, only smart people read this blog, and you’re undoubtedly one of them! 🙂 )
The path to becoming a master deal maker and creating true wealth – faster than you ever imagined possible – is revealed through mastering joint ventures.
And unlike what many people think, it doesn’t matter what skill level you’re at right now. It doesn’t matter how long you’ve been in the game. It’s never too early (or too late) to start leveraging joint ventures.
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- Secret search parameters that find you hidden gems everyone else misses out on
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Unless You Prefer To Have 100% Of NOTHING Instead of 50% of SOMETHING?
Now, if you’ve taken my “The 9-to-5 Property Investor Action Plan” course, you already know the four key components you MUST have in order to complete a profitable property deal.
The “A+C+S+S = DEAL” Formula
If you haven’t seen the formula before, here’s a quick recap:
I call this simple formula the “Access Formula” (A+C+S+S = Access), because you need to have access to all 4 components of the formula in order to have a deal in your hands. The four components are:
- Ability: The ability to find a profitable property deal
- Cash: In the bank, or accessible equity
- Servicing: The ability to borrow money
- Skill: To manage a project to a profitable outcome
Ability + Cash + Servicing + Skill = DEAL.
If you read this blog on a consistent basis and perhaps invest in some of our resources, you should have the ability to find a profitable property deal in any market, and the skill to manage the project to a profitable outcome.
If you feel you need help with finding profitable property deals, check out this blog post: https://www.propertyresourceshop.com/strategy-hot-markets/
… or our 9-to-5 Property Investor Action Plan.
If improving your skills is on your mind, check out:
- How To Complete Any Subdivision Project Successfully With This 12 Steps Subdivision Flowchart
- 6 Property Experts Reveal Their Best Renovation Tips
- [Interview] Buy & Hold: How To Manufacture Immediate Growth
- or any of our renown Property Resource Shop DIY Kits
But What If You Lack Cash Or Servicing?
The truth is, most people don’t seek a joint venture or look for a money partner until it’s absolutely necessary. That necessity is almost always driven by the lack of cash, lack or servicing, or both.
When I left my job as a Postie I had no real savings to work with and there wasn’t the slightest chance that any bank would lend me money. So it was either learn how to joint venture… or go back to a job.
Swapping my time for money again was simply not an option… so I had to learn how to find and acquire joint venture partners… fast!
Since I had no clue of what I was doing when it came to finding money partners, things went pretty slowly at first. I was limited (mainly by my own beliefs) to borrowing money from family and close colleagues.
I was very green in those days.
I didn’t understand the importance of proper documentation. I didn’t know how to allocate roles and responsibilities. I didn’t have the tools I have today for managing the deal professionally.
I did have a few things going for me, through:
- I was determined to succeed
- I wasn’t afraid to ask silly questions
- The inner-engineer inside me was documenting everything, noting what was working… and what was not
Through trial and error and a lot of help from my mentors, I slowly learned the ropes.
Fast Forward 5 Years… And Now Every Deal I Do Is A Joint Venture
For me, mastering joint ventures has meant I can now afford any deal I find and want to pursue. Just imagine how liberating that is!
So about a year ago, I thought:
“Man, I wonder how many other people have been in my situation where they have the skills and talents to make great profits – but struggle with financing their deals?”
So I reached out to over 2000 property investors in this community and asked: “What is your most burning questions around joint venturing?”
The response was overwhelming.
In a matter of days, I received hundreds of questions from all types of property investors wanting me to reveal all the tricks of the trade.
You know what the biggest question that was asked of me?
“How Do I Find Joint Venture Partners?”
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So let’s answer this burning question right now, with the 6 best places to find a joint venture partner:
In my experience, I have found there to be an abundance of joint venture partner opportunities within your general network of friends, colleagues and professional service providers. Some examples of where to find potential joint venture partners could include:
1. Networking Groups
Frequenting clubs, groups or gatherings of people that have like-minded interests has a very powerful effect.
By openly discussing your needs with others in a safe and supportive environment, there is tremendous opportunity to discover potential joint venture partners or become a contributor in someone else’s project.
(By the way, we run the largest networking group of its kind in Brisbane, Gold Coast and Sunshine Coast. Find out more about our next meeting here)
2. Work Colleagues
Past and present co-workers can be a great source of potential joint venture partners.
It’s always easier to approach someone to invest in your project if you already have some sort of relationship in place already… and if you read to the bottom of the post I’ll show you how.
3. Family & Friends
Generating profit should always come second behind the importance of relationships with friends and family.
Bear in mind the added emotional pressure that can be injected into a deal if both parties are close friends or related. Treat the association as you would with a stranger.
Do your due diligence, look for worst-case scenarios, document everything and ensure there is open communication throughout the process.
(Not sure how? Then you’ll love part 2 of this blog – coming later this week – that will focus on how to know if a potential partner is suitable to you!)
4. Mentoring Programs
Much like the first point about networking groups, a mentoring program or course provides a similar environment.
In fact, you’ll find mentoring students are even more committed to finding creative ways to finance a project. So treat your current education course as an opportunity to meet other investors… and possibly joint venture wth them.
5. Your Professional Advisors
If you already have a quality long-term relationship with your accountant or solicitor or other professional advisor, why not approach them?
Typically they would already have an understanding of your skills and financial capacity, which can lead to an open conversation about investing in one of your projects.
6. Professional Joint Venture Partners
If you find you simply don’t have the immediate connections to any of the above suggestions of potential joint venture partners, there are organisations that do it professionally.
As you can see there are a stack of places to start building connections with people that may become future joint venture partners.
So What Happens After You’ve Met Someone With The Potential To Joint Venture With?
Obviously, we’ve only just scratched the surface here. So make sure you expand on what you’ve already learned and click on the link below to Read PART TWO of this blog post:
“The 11 Factors You MUST Consider When Assessing A Potential Joint Venture Partner”
But that’s not all.
Joint venturing can be complex in nature, which is why most people fear the process and unfortunately never get to experience the incredible benefits of leveraging time and money.
So I’ve put together a VERY unique event if you’re wanting to get hands on with this strategy.
I’ll be covering everything you want to know, and everything you NEED to know about joint venturing and money partnering.
There’s only one caveat… due to the nature of this event, only 25 people can attend at a time.
Have a read of the details at the link below and if there are no spots available, just jump on the waiting list:
www.propertyresourceshop.com/sp/launchpad
If you want to make property investing your end game, this will be a training you can’t afford to miss…
Matt
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You are o n the money Matt
This sounds just right