12 Tips For A Better JV

  1. Regularly attend local property networking events and get your face known amongst the other like minded regulars.
  2. You may either have the money to invest in property, but not the time or experience or the complete opposite – no money, but plenty of time and experience – so don’t waste too much time networking with what you’re ‘not’ looking for – try to find people who are the yin to your yang.
  3. Stay with the facts and be sure to set the right level expectations when you meet a suitable JV partner – i.e. If you have money to invest, be honest with regards to the amount that you have/want to invest.
  4. As per tip #3, don’t stretch the truth if you are the property finder / purchaser half of the equation, i.e. If you have had limited experience / success, then again, be honest – set the right level of expectations.
  5. It probably won’t happen overnight, but when you are happy that you have found the right person / people to help you to achieve your property / your shared investment goals, spend some time getting to know them.
  6. If you feel at any time in the courtship that what they want / are proposing isn’t for you, DON’T be afraid to voice your reservations – DON’T get dragged out by the tide. Your honesty is better early and you’ll find that you’ll not only gain respect; BUT you won’t risk damaging your reputation amongst your networking event peers.
  7. One of the keys to JV success is effective communication – if you have a are larger than life personality ensure that doesn’t translate into an over zealous one way wall of sound. Remember; this is a business partnership where money is involved, so take time to listen, clarify ANYTHING that you’re unsure of, and NEVER assume anything.
  8. Decide how your partnership will be defined – as per tip #7 – Remember; this IS a business partnership first and foremost – be friendly, available and approachable to your chosen JV partner – but remember that over familiarity could over cook your goose. Keep in mind – business first, friendship outside the JV is probably better saved for the future, WHEN you’ve had success from working together.
  9. Be flexible and open in your approach; remember just because you LIKE to DO things YOUR way, doesn’t always mean that it will suit your JV partner.
  10. Be reasonable, stay calm – remember that as a JV partner, you have a need. If you are responsible for the legwork, realise that without the financial backing you have nothing and again vice versa. ‘It’s alright for you, I’m the one running around like an idiot’ / ‘It’s alright for you, you’re not risking anything, it’s MY money that at stake’.
  11. Find a solicitor who can demonstrate a working knowledge of ‘JV’ agreements and have them formalise your agreement for both parties to sign. It’s at this stage that you will get a very clear idea of each party’s roles and responsibilities on paper. Make sure that you leave nothing out, no matter how trivial it may seem. A good solicitor with experience will be able to guide you.
  12. Learn as you go, remember; mistakes can happen to the best of us, and JV’s are no different – it’s only a sin if you DON’T LEARN from the lesson and suffer from the same mistake twice.