How joint ventures are changing lives and can for you too
Joint ventures are changing lives. During 2017, I talked a lot about joint ventures. In 2018 I won’t be changing my tune and this is the reason why…
Just over 12 months ago, my husband Steve and I 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 at The School of Renovating, 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]. 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.
And then there are the Rennie Street Angels who are 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 is a strategy I am going to try 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.
About the Author
Bernadette Janson loves renovating and shares generously the wealth of knowledge and ‘tricks of the trade’ she has developed over 20 years. If you would like to stay in the loop, sign up for her webinars by visiting her website www.theschoolofrenovating.com
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