By Tim Collins
When I started investing in real estate, like most people, I used my own money. Later on, I did some refinancing and bought another place. But at some point you are either going to run out of money or reach the limit of how many mortgages you can qualify for. Working with a savvy mortgage broker will help you to negotiate the tricky waters of ensuring you maximize what you can borrow, but there will always be a limit.
So, in order to grow, many people turn toworking with joint-venture (JV) partners to take their business to the next level.
Many investors struggle initially when it comes to start the conversation about where to find JV partners, so here are three tips to get you started on the road to JV abundance.
1. Have a great intro
We are asked every day: “What do you do?” This is a perfect opportunity to sow some seeds. My response is: “I’m a full-time real estate investor, and I invest specifically in student rentals. I grow my business with joint-venture partners who are looking to get much better returns than their RRSP provides.”
In those sentences I’ve included a number of hooks that people can then lean in and ask more questions about, such as:
“Students, you say? What’s it like managing them?”
“What kind of returns are you talking about?”
“What’s a joint-venture partner?”
Now, if you’re not a full-time investor, that’s fine. Tell them what your regular day job is, but include investing as part of the story.
“Well, I’m a full-time guidance counselor, but in my spare time I’m building a real estate empire -- with JV partners.”
2. Get out there
In order to meet potential JV partners you need to be VERY active. Unfortunately, no one is going to knock on your front door and say: “Ooh that sounds interesting, please tell me more!”
Here are a few suggestions of where you can tell people your story:
- Hockey team or any other sports team you can join
- At work (when appropriate)
- Family get-together I'm not suggesting you should invest with family, but it’s a good place to practice and get potential referrals)
- Toastmasters (practice public speaking and tell your story)
- Real estate clubs (maybe others are looking to do the same, but if nothing else these are great for networking)
3. Be unique
Use your uniqueness to your advantage. I once met a gentlemen who told me he got loads of business through his astronomy club. People liked him, he built trust and then talked a bit about his business.
Look at what you are interested in and build from there. Whatever makes you unique in terms of background or interests, you have a great opportunity to be a real estate expert within that niche.
Tim Collins is a real estate investor who focuses on student rentals, building his portfolio with joint-venture partners while helping others with coaching, online courses and workshops.
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:
Mooseland, Surrey, Drumbo, North Bay, Hemmingford