Do you have an abundance mindset? Like this guy?
Here’s one of the comments/questions I got about the joint venture opportunity I sent out last week …
“I don't understand why you don't just keep the deal yourself, it's a cash cow! Why would anyone sell a property like that for half its value and with cash flow? Way to find a sweet deal.”
I figured others had the same thought, so I wanted to share my reply …
“Why don't we just do it ourselves? We WILL if no JV partner wants in. But we don't want to get in the habit of cherry-picking, because it can kill confidence as well as long-term relationships. We want our current and future JV Partners to know that we only offer outstanding deals ... and that we don't cherry pick.”
“So if it's good for us ... then it's definitely good for our JV partners! That's a big reason why I think just about every single JV we put out gets funded.”
“Another benefit: You can do a lot more deals with this approach ... and we have quite a few in the hopper right now.”
“Anyway, I'll have some info to you most likely over the weekend.”
The bottom line? Joint ventures are the ultimate “share the wealth” approach that can make you unlimited.
Think about it. If you’re approach is to do every single great deal you come across on your own, you’re limited by the restraints of capital and lending capacity. You eventually run short.
Those things can be leveraged and multiplied massively through other people via the right alliances and joint ventures.
But you have to be willing to share the wealth.
And foster an abundance mindset that believes “the deal of a lifetime” comes along every week … which seems to be the case for my investing team and I right now.
Once you adopt that belief, you can’t help but want to get others involved … because there’s plenty to go around, right?
That’s what I mean by an “abundance mindset”.
Now don’t get me wrong, I also think it can be smart to sometimes do a deal with private lender financing instead (which is just another way of sharing the deal and getting others involved), so I do that periodically as well (and so should you … since not everyone will want to be an equity partner).
But joint ventures are still my all-time favorite approach!
Anyway, the same day I got that email … I had lunch with a colleague who had attended one of my workshops many years ago. He wanted to get together and just “see how we might be able to work together”.
He was just getting started when I first met him … which I’m guessing was about 5 years ago.
I had a hunch he was a pretty enterprising guy.
And boy was I right!
Since that time, he’s been involved in over 250 rehabs … has multiple rental properties in other states … a couple of spec homes being built locally (one is a million dollar plus mini-mansion) … various rehab projects he’s currently overseeing with multiple partners … and because of his track record, he’s fostered a bank of private lenders/investors that gladly throw money his way so they can take part in his investments.
And yes, he does many of his deals as joint ventures … and is ready, willing, and able to do a lot more of them!
He definitely has an “abundance mindset”.
And I have a feeling we’ll definitely be doing some business together!