SUCCESSFUL JOINT VENTURES: OWN YOUR NEED!
Recently, I attended a real estate Investor’s bootcamp. Just like a fitness bootcamp pushes you to your limits to make you stronger—this bootcamp filled our brains almost to the point of overflow! Great ideas, inspiration and networking!
Instead of laps, pushups and situps, we focused on communication, standard operating procedures, and core values (different core!). For me, the communication exercises were some of the most fascinating.
Today, many Albertans and Canadians are worried, wondering and confused about what the future holds. But here’s one of the lessons we learned in our bootcamp: communication doesn’t just happen magically or energetically like the image shows. AND, here’s the kicker, it’s your responsibility to ensure your thoughts are being communicated correctly (on both sides). How does this impact successful Joint Ventures in real estate?
Do you need more information? Own your need—and ask for it. Do you need to feel that your money is safe? Own your need and ask for an appraisal. Do you need monthly cashflow, or just proof that your property is still performing well? And if you are now so far out of your comfort zone that you can’t sleep at night—what do you need to do or change to return to an acceptable level of risk tolerance. Hint: your JV partner cannot read your mind. Own your need.
The idea of having working partners and money partners growing their investments and wealth together isn’t new. And the potential for misunderstandings isn’t a trend-worthy discovery either. But if the headlines, changes and your neighbours have you stressing about something: Own your Need. Deal with it, communicate it and work through whatever the issues are. Your financial future is too important to be side-lined by a little miscommunication. Very intelligent and experienced investors continue to grow their portfolio’s and acquire property at this phase of the Alberta real estate cycle. They are playing the long game, rather than panicking with today’s headlines. What do you need from your investor partners today? And how will that translate into Financial Freedom and growing your wealth in 5-10, or 20 years?!
Special thanks for this article go out to Donna McGuire for the original expression “Own Your Need,” Patrick Francey for so clearly communicating the story, and Jared Hope and his team for organizing the Investor’s Bootcamp!
