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Editor: Shaun Callacher
3 Ways to Find a Joint Venture Partner
A joint venture partner can bring finance, credibility, time, knowledge, deals or whatever it is you need to succeed in your property development/investment journey. They can be the piece of the jigsaw puzzle that you don’t yet have.
Below are 3 ways to find the joint venture partner you need. Remember, if you have no money right now, you may have the time, and vice versa, so you can still go out and find a partner who can bring the missing piece of the puzzle, to help you BOTH succeed.
Have no time, money or deals to give?
If you have very little to offer to a potential new joint venture partner right now, it will be no doubt more difficult, but you can become the middleman/woman who orchestrates the time, money, and deals with the joint venture partners and brings them all together- that’s what I did! If you do all the grunt work, JV partners will be more willing to join forces.
So, before looking for joint venture partners, understand what your own position is. You can then go out and find that missing piece of the puzzle. Can you offer time, money, deals, experience, etc.?
Once you have thought about what you have and don’t have, here are 3 ways to find a joint venture partner…
By going to property network meetings and asking enough people about what it is you are looking for, you will eventually find what you’re after. Connections don’t happen overnight, so it’s important to follow up with the people you talk to at the network meetings and arrange to chat one-on-one outside the meeting. If you are looking for money, you can offer a percentage return on any future project’s profits, plus all of the borrowed money returned.
2/ Online Forums
By posting on online property forums about what kind of partnership you’re seeking, you can contact like-minded people in the comfort of your own home. Similarly to networking, it is important to build the connection, which often takes time to blossom. Once again, you can offer potential joint venture partners a future slice of any profit.
LinkedIn is a great tool for business people to contact each other online. The best way to describe it is ‘the largest network meeting you could ever attend’. LinkedIn has over 3 million users. Create a professional profile of yourself and get in touch with people directly on what you’re after. After asking enough people, I have no doubt you’ll find the person you need on your team.
The most successful people become great at finding joint venture partners, and ultimately at leveraging each other’s skills. Isn’t it time you do the same?
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