Joey Ragona tells us what it is to be a hungry investor, and what’s behind your drive to be one.
Let’s be real. You’re going to reach a point where you’ll have to find more money to buy properties. That money is going to come from other people – family, friends and so on…in other words, joint venture partners.
You discovered in my last post the #1 Technique to getting more customers was getting out and talking to more people. We discovered that it’s a better approach to ‘understand’ everything about your prospective customer so you can ‘market’ to them better.
If there’s one thing that every real estate entrepreneur wants to know, it’s “how do I get more customers?” This even applies if you’re a real estate investor, because ‘customers’ could mean joint venture partners and tenants.
Truer words cannot be spoken: “If all it took to be successful were books & ideas, everyone would be wealthy, there’s no shortage of information out there”
Have you ever walked away from meeting with a JV thinking “I don’t get it, what IS it that they WANT then?” Most often, this question comes up after you’ve heard the standard “I’ll think about it and get back to you” response.
Every day I’m asked “how do I raise capital from JV partners” & my answer is always the same: “Solve their problem”. Businesses (that includes you because your Real Estate investing is a business) that solve problems have a greater chance of success than those that don’t.
Each day as I’m personally coaching real estate investors, we chat a lot about one of their BIGGEST frustrations: raising JV capital. Many of them are challenged because they aren’t naturally born sales people … and that’s the BEST thing in my opinion.
Opportunities are lost every day in Real Estate but even more so during unstable times like these … during the “dips” where fear in the market obliterates enthusiasm and most people stick to what they feel comfortable or do nothing at all
The point is that you have a goal in mind whether you know it or not; short or long term but do your goals add value to your future? Do they account for your kids’ future? When it comes to investing in real estate, it’s the END RESULT that matters. Identifying WHAT that outcome should be is a revelation to those who have never thought about it before
I am a complete believer in the environment in which we live has a lot to do with our success in our Real Estate business. The reason I say that is because not five years ago I lived a ‘regular’ entrepreneurial life. I was, for the most part, stressed, overworked, exhausted, and moody and my favourite answer to anything was …
One of the challenges I see many Real Estate investors have is moving from one stage to the next – and that next stage is most often when they have run out of capital and start looking for joint venture (JV) partners. When you are desperate for capital, it shows; and you may be less diligent on deals just to get them done – IF you get someone to give you capital.
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