How to Get Past Being Inexperienced

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Hi! Michael here! Over time I am going to introduce you to our team of experts who are going to lead you through many different teachings and real estate investment strategies. Experts include our Keyspire Coaching Team, trainers and more.

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Investing in Real Estate is one of the best ways to build wealth, but like any business, it takes time to make money.

One of the most common struggles new investors have is gaining the confidence of potential investing partners and standing out from the crowd of more experienced investors competing for the same funding capital.

Making yourself stand out from the crowd is very important when it comes to establishing a new joint venture relationship.

What value do you bring to the JV relationship? What problem do you solve for a potential JV?

Watch the video below to learn what Keyspire Coaching Manager, Amanda, and I had to say about “how to get past being inexperienced” at the Keyspire Investor Summit Expert Panel Session.

These answers might surprise you!

Check out the transcription of this video below!

Question: Hey guys. My question comes from the standpoint of someone who’s probably in the younger demographic and the less experienced, or at the least experienced demographic in this group. But based on what everyone said when they did their why, and when they got into real estate, I think all you guys have overcome the, the reality that you are inexperienced and you are trying to prove yourself to other people when you’re getting into JV agreements.

So how did you set yourself apart when you don’t necessarily have the experience or the big RSP accounts waiting for you? And then from your perspective now, what do you look for in those working partners that really sets them apart when they don’t have that resume?

Amanda: Yeah, really good question about starting out with joint ventures.

 I would even, I would take it back and say, “what is the value that you bring to the table first?” is always the most important piece to start with a joint venture, to understand what you’re looking for in somebody else. And now as a working partner, I still am a working partner and I do a lot of joint ventures, but what I bring to the table and what sets me apart was that I was a professional property manager for over four years. And I was running my own business as well. So I had business skills, I had management in my background as well. So I was looking at transferable skills that would really, really highlight what I could do for a joint venture.

So there’s a lot of new members that ask this question often. And I almost always suggest “why don’t you try property management first?”. You have access to this community of real estate investors. Even just looking around the room, pick up a couple of properties under management, you can charge a monthly fee for it.

You’re going to gain experience with filling the property. You might gain experience to go through an eviction process as well. Overall learning how to run from a property management perspective. And let’s imagine you get two, three under your belt. Now that is on your joint venture resume, so to speak.

And then you can go to partners at that time and say, I’ve already completed X, Y, and Z, so that you have the experience instead of getting the experience with somebody else.

Michael: Excellent point. I think that’s a great, great point. A great way to start. And to add to that, you’re also going to network with all of the investors and tenants in your community: buyers, sellers, and tenants.

You’re learning everybody. You’re meeting everybody, you know, the insider information who’s buying, who’s selling what neighborhoods are doing what, so that when you’re going to go put your money up, or your joint venture partners money up, you already have experience in the neighborhood and you’ve built your network, your local network.

So probably the most powerful way to start. If you have no money, no experience, find out what your value add is, and consider becoming a property manager. Absolutely. In some provinces you have to have a license. So it’s a quick little test. It’s like your boat license. It’s like a two minute test online.

And now you’re, you can drive a boat around a lake, like a car. It’s crazy. That’s in Ontario. Anyway. Anyway. Yeah, property management. I love it.