When you hear that term, what do you think of?
Probably large corporations getting together to produce to grow some aspect of their business.
And you’d be right for the most part. Joint ventures are essentially partnerships between two or more people for the purpose of completing a particular task.
For us, joint ventures mean squading up; in fact, you’ll hear me say this a lot. I encourage my members in AstroFlipping to squad up with their fellow members.
But Jamil, why would I do that?
You may have heard either myself or my friend Pace Morby say ‘cooperation over competition’ and it’s a rule that we both follow.
It means you’re better served by helping others, instead of viewing them as your competition; now this isn’t to say you can’t be competitors.
You absolutely can. But while you’re competing, you’re also supporting and cheering them on whenever they get a win and vice versa.
I know, I know – it sounds counterintuitive, especially when we’re taught to not share our contacts or sources, and definitely not in real estate.
But the ability to share these things is what can help you or those you’re working with.
Take one of our episodes of Wholesale Hotline, where we discuss squading up:
In this episode, Brent, Pace, and I talk to one of Brent’s students, Michael, who ended up doing a joint venture with one of Pace’s students, Steve.
Both of them were able to work together to find not one, but two deals that they eventually closed with Pace, making sure that everyone was able to make money.
Why Doing Joint Ventures is the Start of Successful Partnerships
As Brent mentions, going out to talk to sellers and partnering up can be scary because we’re taught to avoid strangers.
But guys, as we get older, we learn that there are cases where talking to strangers has to be done, especially in a professional setting.
And for us as wholesalers, we need to be constantly talking to people – buyers, sellers, other wholesalers, etc.
This is where squading up can be an additional help because if talking to others isn’t your strong point, you might partner up with someone that does excel in that.
Pace’s student, Steve, actually makes this his main source of getting business – he reaches out to other wholesalers, fix and flippers, and investors and makes connections.
And that’s it, guys!
JVs are a great way to work with people, find connections, and further your success.