Property investment joint ventures can be very lucrative and a great way to get ahead if you do not have access to the necessary funding yourself. When you are doing joint ventures there are a number of things that you must deliver and today’s video explains 5 crucial elements that a partner will require from you.
The very first thing that you must provide is honesty. You must be honest in all of your dealings with your joint venture partners. It is vital to create an ongoing relationship by being up front about your experience and your current situation.
If you want to source properties and present deals to prospective investment partners then tell them honestly if you are new at the game and you don’t have any previous experience of successful property investment projects. You will have other qualities that will be of interest to investors.
What Is Your Plan?
You need to demonstrate that you have a clear plan of action in your mind. This will form the basis of the joint venture agreement. It is essential that it is clear what you will do and what they need to do for the JV to be a success. When you know what you want to achieve it will be easier to find a JV partner that is the “right fit” for your project.
Your Goals Need To Be Aligned
Matching what you want to achieve with what your partner wants to achieve is paramount for success. As an example, if your ambition is high end properties with top notch refurbishments and your partner is interested in the lower end of the market then your partnership will never work.
Examine Opposing Skill Sets
Ideally you and your partners will have different skill sets that will provide strategic gains for your property investment project. If you have a skill in sourcing the best properties then if your partner has the same skill there is no added value. Opposing skill sets will add value to your property investment JV.
Be Open In All Communications
You need to communicate openly with partners throughout the JV. If there are issues then these all need to be discussed openly. Hiding problems is never a good idea and this applies to all parties in the JV.
Partner With Us
We have had many successful JV’s with investors in the past under our “hands off” partnership program. We bring all of our property investment skills to the table and we will do all of the hard work to make our partnership a success. Contact us now for more information.
This is the video