Since I started investing in property 2 years ago, I have realised that the best and quickest way to build a portfolio is to joint venture. Here are my top 5 reasons why you should be doing joint ventures if you want to fast track your property journey….
The more people you work with the wider your network and you never know who can help you and who you can help in return. And don’t forget, for every person you add to your network you’re not only adding them but potentially access to everyone in their network too. Its why I go for lots of coffees!
You will never have enough hours in the day to do everything. You can’t ‘buy’ more time so the only way you can get more done is to work with other people and leverage their time. I invest in the north but live in the south. If I didn’t use other people’s time, then my time would run out very quickly driving up and down the motorway. Not only a waste of time but also very boring!
You cannot be an expert at everything, nor would you want to be. We are all very different and what you are good at and enjoy doing will be someone else’s worst nightmare, and vice versa! I am very good at managing multiple projects and coordinating the financing of property deals. I am not good at sourcing deals or managing property renovations – therefore these are the bits where I use experts and gladly pay them for that expertise. If I tried to do it myself it would take twice as long and cost twice as much, definitely a false economy!
Leverage is officially my favourite word! If you don’t leverage in your property business, then you will never be able to scale. I leverage both time and money in my property investing. I use experts for many of the time and labour intensive areas of property investing and I leverage investors for the financial side. An investor will also be leveraging me and my knowledge when they invest into one of my properties as they don’t use any of their own time, nor will they have spent the many hours and thousands of pounds in property education that I have. Yet they still get a great return for their funds which, sat in a bank account today, would be losing money in real terms when considering the current interest rates and inflation.
Let’s face it, everything is way more fun doing with other people than by yourself! Property investing can be a lonely business and so by joint venturing you are creating a team around you. The one thing I miss from my corporate career is the team environment but I’ve managed to replace that by surrounding myself with a trusted and experienced team and partnering with investors. Your golden ticket when finding a partner is someone who has as big a vested interest in the business as you do, that way you are both focussed on the same successful result.
Joint venturing has transformed my business and something I plan to do a lot more of in the future on a larger scale. As always, if you’re interested in property investing and how it can make you financially free, away from the 9 to 5, then please do get in touch. As I said, I’m always happy to go for coffee or skype if you’re not local!