Joint Ventures Are Changing Lives
I know you have heard me talk about Joint Ventures over and over again in 2017 and I’m not about to change my tune in 2018 and this is the reason why…
As you know we hatched a plan to combine forces with our kids to produce a chunk of money towards their first homes and add to our retirement savings in the process.
It is simple but effective and the proof is in the pudding.
This strategy has not only worked for our children. Many of the students in our renovating tribe are using this strategy to get started as well.
Over the years I have had the opportunity to work with many renovators closely and a common issue with them reaching their goals is the funding and time availability. To overcome these issues myself, I have used joint venture partners in my projects and it has always been a win-win situation.
Where Are They Now
For those of you who follow us here is a quick update about Hannah.
She married shortly after we completed the project, adopted her baby – Sir Douglas – and bought her first home in Melbourne [Insert win for Mum]
If you missed the tour of the Moore Park Gardens reno, check it out here.
PS. She has now been converted into a renovating addict!
Our Son David (who never takes photos) is just about to launch into renovation action with his Bondi apartment after he soaks up the summer sun. We will be keeping you updated on the progress so stay tuned!
We also have our trio of sisters in Melbourne who completed their first and second renovations and made a great little start to their investment portfolio. They have started small but I can see that they will be climbing the property ladder by leaps and bounds.
If you want the details of the Elsternwick reno, you can find it here.
Then the Rennie Street Angels. They’re all empowering each other by doing a project that will give them experience and an extra $25k in their bank accounts for 2018.
These women are all learning from each other and there is a range of skill sets they each have which complements the team.
And just in case you thought that was it, well it’s not…
We have another team from our Wonder Women community working on their first ever splitter deal. Which as you all know is a strategy I am going to try on myself this year. The women in this team are all driven and have their vision and goals aligned, which makes for a dream team!
What do they have in common
So each group is missing an important element which has been holding them back from starting their first project.
Some have full-time jobs which prevent them from having the flexibility needed to do for a project. Others have equity in property they can draw on but no full-time income.
The other great thing is that the jobs get split up so the workload is never overwhelming. And you can have double the people power you need to save time. Yes, the profits are split but so is the workload which makes for a much more enjoyable renovation experience.
The other thing is they all have some common goals:
- Add major cash flow to their income stream
- Have the flexibility to do a range of different investment projects
- Have more time to do the things they love – like travel
- Grow their property portfolio
The list does go on but I can’t keep you here all day!
What You Need To Know
This is one of the most exciting strategies and one that is underutilised in our field. So I want to iron out the risks for you and get you started on your renovating career path now.