I was scanning the social media interwebs recently and came across the following question:
“Question for passive money partners – when you see a great deal with double digit returns what else do you look for to help you make your decision to work with the working partner in a JV?”
Here was my reply… I only had about 20 minutes between appointments to write this … and with a bit more time could expand.
Have a couple of thoughts on this one 😉. This will be a bit of longer read… but will be worth your time investment. The simple answer to this question comes down to the following key principle
The WILLINGNESS to do (ethically & legally) whatever it takes…
The framework of my answer comes from almost 20 years of experience, performing as a high-level Real Estate investor. Plus training, coaching, and mentoring some of the top performers in this space.
The key term to the above bold statement is the willingness. The definition of willingness I used was;
“a frame of mind that is open to every possible demand, without judgment, reservation or refusal.”
Willingness is a mindset and is receptive to the possible, the untried, the unproven. It doesn’t make judgments. It doesn’t make excuses for why things cannot be.
Some of you may be looking to invest with someone at the start of their investing career, and maybe they don’t have all the experience, referrals, or track record… YET. But do they have the willingness to do whatever it takes?
The willingness factor can overcome a lack of experience, investment portfolio and track record. With this framework in mind, here are 10 willingness factors you should look for.
FYI, this list could be much longer than 10, but let’s start somewhere.
Do They Have THE WILLINGNESS To:
- Get their hands dirty & do the work
- Go the distance, seeing things to completion
- Have the tough conversations, no matter how difficult
- Maintain a positive ‘can do’ attitude and clean up messes when sh**t 💩 hits (and travels through) the fan
- Push themselves harder when everyone else is giving up
- Not recognize failure, they evolve and adapt. Do they view these situations as only data points and challenges in search of answers? Do they view challenges as opportunities to step up and over-deliver?
- Deal with pressure & problems head-on. Do they thrive on their problem-solving abilities?
- Lead when it’s difficult. When everyone is hitting the panic button… people are turning to them for answers
- Be decisive and make a decision, not suggestions. Are they committed to the course of action? Are they humble enough to evolve, adapt, and course-correct where needed, but never lose sight of the end result?
- Be hungry and aspire for more. Do they have a burning desire, are they never satisfied with their performance and are willing to push higher? There is always another level.
So bottom line if you are a potential passive investment partner looking to invest with a Real Estate Expert. Ask them the following question…
“What are you willing to do (ethically & legally) to make this a success”?
Then listen to their answers.
The last thing to consider, talk is cheap, do their actions/decisions back up their words? The answer to this question, only time can answer.
Good luck with your search.
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