6 Key Questions + where to find a JV Partner
Six Key Questions To Consider When Looking For A JV Partner
There are six important questions that you should be asking yourself when looking for a potential JV partner.
- Do they have what you want?
- Do they have what you need?
- Do you get on well with them?
- Do you have what they want?
- Do you have what they need?
- Do they get on well with you?
It is important to remember that although you will be looking for a JV partner, the people that you meet may also be looking for one too. Therefore, they will be asking the same questions.
A JV is not all about you, you, you, nor is it all about them, them, them. It is about providing each other with complementary skill-sets and complementary qualities that go hand in hand.
Knowing what each person wants and needs is crucial in forming the basis of a JV.
You MUST take time to get to know one another. Do not just jump into bed with each other at the first opportunity.
Many potential JV partners can find that quite off putting but, in my opinion, it is essential that you are able to know as much as possible about each other before making that commitment.
Where To Find JV Partners
Money is pretty much everywhere. The secret is to find the places that give you the best chance of being with people that are likely to have it.
Property Networking Events
Property Networking Events are very useful. Progressive Property Network events (PPN), Property Investor Networking (PIN) and Property Hub meetups are all superb examples of property-related networking events.
People turn up to property events for numerous reasons. They may want to find out more about property, they may already be investing in property or they may have money but are not sure what to do with it. Equally, people such as interior designers will attend as they have superb opportunities in which to grow their own businesses and network.
The key is to get around the room and introduce yourself to as many people as possible and build that rapport through conversations. Always follow up too because you never know who you are going to meet and what is going to happen. Just get out and about and speak to people to build your network.
Local Business Networking Events
Business Networking International (BNI) is a very good example of a local event. BNI meetings are in many places and consist of local business people coming together to network, share and pass on business to each other. There is normally room for a property investor and/or developer.
Your investment area or the area where you live is likely to have a local chamber of commerce. They are relatively inexpensive to join and can provide some superb opportunities. Local business people get together regularly in order to discuss what is going on in the local area. Not many people will have a knowledge in property and you will be able to position yourself as an expert. This could create opportunities over time too.
Social Media
Social media is a fantastic place to raise finance. People watch each other on the various platforms such as Facebook, Twitter, Instagram and LinkedIn. You never know who will be watching your projects, deals or your property journey.
Keep showing people what you are doing, keep adding value to other people, and be consistent. I myself have raised £15,000 through Facebook, just by posting about various projects that were being undertaken, various BMV opportunities in my local area, local investment news, photos and information too. There are people out there that have raised a lot more through social media.
High-End Clubs And Restaurants
It is common to hear stories about attending selective clubs (high-end gentlemen’s clubs in London, for example), talking to club members and then being offered a lot of money. The fact of the matter is that people with money will spend time in establishments that are of a high standard.
It is unlikely that you will ever overhear a conversation in a McDonald’s about a multi-million pound development, whereas you may hear that conversation in a high-end restaurant or at a high-end club.
Sports Clubs And Gyms
Do you play golf? Do you know of a Rotary Club near you?
It is always beneficial to mix passion and profession. If you already play golf, enjoy shooting, going to the gym or helping others (Rotary Clubs), then you are already in a great position.
A lot of people that undertake these activities do so for various reasons: they enjoy it and, more importantly, they have the time to do it.
If people have time to do what they love to do, then chances are that they are either retired, have money or both.
Attend and get talking to people. Build rapport and tell people what you do. If you do not tell people what you do, then they will never know.
Summary
You can pretty much find a JV partner anywhere. It takes time to build a rapport with people so do not rush into anything too quickly.
At the time of writing, with COVID-19 gripping us, it is unlikely you will find someone in a gym, restaurant or live networking events as most of them (or all of them) have been closed/cancelled. That still doesn’t stop you from attending e-networking events though!
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