The 20 Real Estate Joint Venture Landmines You Must Avoid At All Costs [BLOG SERIES]
The 20 Real Estate Joint Venture Landmines You Must Avoid At All Costs [BLOG SERIES]

Over the next few weeks, I am proud to bring you a series of posts geared around the release of my latest book, “Real Estate Joint Ventures,” co-written by Russell Westcott. We’ve put together a fantastic checklist of the 20 Real Estate Joint Venture Landmines that you must avoid at all costs. If you want the best chance for success when going into a joint venture situation for the first time, or even if you’ve done multiple deals already, these common pitfalls are ones that you will NOT want to become victim of in your pursuits of wealth.

Click here for Part One of the 20 Landmines Series.

Click here for Part Two of the 20 Landmines Series.

Click here for Part Three of the 20 Landmines Series.

Click here for Part Four of the 20 Landmines Series.

Click here to purchase a copy of “Real Estate Joint Ventures”

Take notes, discuss with friends and business partners, and make sure that you cover all the bases when you head into your next deal. Be sure to check back next week for the first set of landmines you’ll want to avoid.

“What do you want to achieve or avoid? The answers to this question are objectives. How will you go about achieving your desired results? The answer to this you can call strategy.”
—William E. Rothschild

Successful real estate investment strategy is all about doing the right thing at the right time. But none of us lives or invests in a perfect world. No matter how much we know about the right way to go about doing our business, there will always be times when we make mistakes. There will also be times when we look back on our success and know that we could have done better.

Know this: Mistakes are not the enemy. Mistakes only stop us in our tracks if we allow them to be an excuse for not taking action.

To help you avoid investment paralysis, this special report takes you through the ugly details of 20 of the most common mistakes real estate investors make when putting together joint-venture deals. Each is followed by the evasive action you can take to side-step these common errors!

But how can you take action on your JV investments when you know you are going to make mistakes?

You take action by following a proven system and that includes a commitment to learning from the successes and mistakes of others. Indeed, that commitment to learning from others is the first and most important step you will take on this journey of landmine evasion. As part of that system, you will make it your business to find out what your peers are reading, what seminars they are attending and whether they’re willing to talk to you about what works and doesn’t work for their own JV portfolios. To paraphrase Will Rogers, the late American cowboy-philosopher and social commentator, there are two ways to learn new information. The first is from reading and the second is “by association with smarter people.”

Also remember to make sure the smarter people you surround yourself with are action takers, not action talkers. Wanting to invest in real estate with JV partners is like wanting to exercise to improve your physical fitness: You can’t invest in real estate with JV partners without doing the work that it entails—nor can you hire someone else to do push-ups for you. If you’re going to reap the rewards, you’re going to have to do the work.

What’s left after you’ve carefully avoided—or made, and then learned from—every mistake possible? Success! Victory! Triumph! Profit! Call it what you want, a JV real estate investment strategy that avoids unnecessary pitfalls is a strategy where investments pay off and co-venturers come back for more!

JV Investor Insight: Take ownership

At the end of the day, your real estate investment decisions, good and bad, are your responsibility. When mistakes happen, own them and move forward. Don’t blame others, but when appropriate, do give yourself credit for lessons learned. Drivers who stay at home until every light along their route is green will never leave the safe haven of their driveways. The road you take will have potholes and detours. You will avoid some, hit others and sometimes make the wrong turn. As long as you keep driving, you’ll gain experience, make progress and enjoy the journey.

Follow A Road Map to Success

If a proven real estate investment system is like a road map to success, this special report on JV landmines represents a critical learning curve on that route to triumph. Remember: you are not being sent on a life and death mission wearing a blindfold. On the contrary, you are a real estate investor who’s been handed a sophisticated guidance system with an established track record. That implies taking some responsibility for what you are being offered. To get the most from this report, read it with the following three pointers in mind:

1. Step carefully. Choose wisely.

There is no substitute for common sense tempered by education and due diligence. Always do your own heavy lifting, but remember that real estate investing strategies are like a smorgasbord. Pick what works for you, pursue what makes sense for your plan, and learn to move slowly. This is not a race. Sophisticated real estate investing, with or without money partners, is about long-term wealth creation, not short-term riches.

2. Aim to be a settler, not a pioneer. Follow a proven course of action and always test your strategies.

Every JV deal you strike will be unique to a particular set of partners and circumstances; but real estate investing with money partners is not a new invention. Find someone who’s doing what you want to do. Learn from them. Test strategies to figure out what works best for you. If you only have time to nurture Level 1 contacts, stick to that approach. Don’t let yourself be talked into strategies that you don’t have time to develop and perfect. If it works, go for it. If it doesn’t, be prepared to make changes.

3. If you find a better route, go for it!

The strategies you adopt will be your own, but the mistakes you avoid can be based on lessons learned from others. Make continuous improvement, not perfection, a business goal.

The main thing is that you get started on your journey. Do not allow yourself to make the novice mistake of waiting in your garage until all of the lights along your designated route turn green!

And be honest about the way inaction poses as action. For example, a “professional” investment package may help you sell your deals to money partners, but it is not essential to your first JV deals. It’s a sad fact of life that many novice investors spend so much time and money developing a professional investment package that they’re worn out before their first deal is ever pitched.

So keep your eye on the prize. What’s more important in the early days of your JV business, writing reports or finding the deals others will want to buy into?
With an action-based foundation now laid, here are the 20 landmines we want you to study, think about and plan to avoid.

If you’d like to check out the book in it’s entirety, you can grab a copy now at Amazon. Check back next week for the first list of the landmines you want to avoid when dealing in joint ventures in real estate. Cheers!

Click here to purchase a copy of “Real Estate Joint Ventures”

The 20 Real Estate Joint Venture Landmines You Must Avoid At All Costs [BLOG SERIES] was last modified: December 23rd, 2011 by maddy
 
 
 

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