Dan Nagy, recent recipient of the Investor of the Year Award at the Investor Forum, recently released his Joint Venture Report, which lays out the steps an investor needs to take to thrive using that strategy.
The ten-step guide lays out the entire process. Nagy shared the report with CREW.
1. Figure out exactly what you want to do this
Is it more money, Nagy asks. Is your goal to quit your job, take care of your family, or free up time for travel?
“If you understand your ‘true’ motivation, you will be able to weather the ups and down of investing,” Nagy, who is the owner of DN3 Capital Investments, writes.
2. Read, read, read
This is the most important key to your development, according to Nagy.
“Learn from the pros, understand how successful investors have done it, and figure out the best way to use their time-tested investing strategies,” Nagy writes.
3. Join local real estate networks
Nagy advises not to be a time waster, but also to take people out for lunch and ask regular questions.
“This is one of the best ways to acquire information,” Nagy writes.
4. Build your team
The team has to consist of Realtors, a mortgage broker, a real estate lawyer, and an accountant, according to Nagy.
Those who already work in the field “understand all the complexities of what you are doing,” Nagy writes.
5. Understand your financial standing
Parse your credit report and make sure everything is in line, Nagy says.
6. Create your joint venture proposal binder
The binder contains all the info a potential investor needs to know about you, including; past deals you’ve completed, information about your team, and the value you can bring to a project.
7. Set yourself up as an authority on real estate
You don’t have to be recognized as a top investor, like Nagy, to be seen as an expert. Everyone starts somewhere.
Nagy suggests using social media to share your knowledge and expertise.
8. Build your potential capital list
Nagy advises taking the time to write down the names of everyone you know. Once that list is complete you can estimate who can and would be willing to invest. Also, how much they would be willing to invest.
“Remember, everyone has access to a minimum of $10,000 line-of-credit if employed. If they own a house, have sold a business, or are simply affluent, estimate their potential capital,” Nagy write. “Do not stop until you reach $1 million.”
9. Analyze a minimum of 100 real estate deals
“This creates a track record, which you can show to potential partners,” Nagy writes. “It also ensures that you understand the numbers associated with a deal, and what makes a deal profitable.”
10. Develop a strategy based on your needs
Whether its cash flow you’re after or capital creation, understanding what you want will then help you figure out the strategy to make it happen, Nagy writes.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Lac Pelletier, Mildmay, Richmond, Owls Head Harbour, South Tetagouche
Investor of the year lays out steps to becoming successful through joint ventures.