The investor of the year outlined steps to becoming successful through joint endeavors.
Dan Nagy recently received the Investor of the Year Award at the Investor Forum. He recently released his Joint Venture Report which articulates steps that an investor ought to take to thrive using that strategy.
The 10-step guide evinces the entire process.
#1. Discover what you would like to do
Whatever it is you want to do, be it having more money or quitting your job or taking care of your family or traveling, you have to figure it out.
“If you understand your ‘true’ motivation, you will be able to weather the ups and down of investing,” Nagy writes, the owner of DN3 Capital Investments.
This is essential to your development, believes Nagy.
“Learn from the pros, understand how successful investors have done it, and figure out the best way to use their time-tested investing strategies,” Nagy writes.
#3. Participate in local real estate networks
Avoid wasting time doing nothing or unnecessary things. This though does not mean you should not form relationships, go out with others.
“This is one of the best ways to acquire information,” Nagy writes
#4. Create your team
To succeed, your team has to comprise of realtors, a mortgage broker, a real estate lawyer, and an accountant.
This is best because gaining experienced people means that they “understand all the complexities of what you are doing”.
#5. Monitor your finances
Keep your credit report in check and make sure that there aren’t any loose ends.
#6. Have a joint venture proposal binder
Your binder should contain all the necessary information that a potential investor should know about you and your venture. Things such as your completed past deals, team information and what you can bring to the table should be included in your binder.
#7. Make yourself known
This doesn’t parading yourself around and showing off per se. You don’t have to be popular or be famously recognized as an investor.
All you have to do is to ensure that people are aware of you and your venture. You could always start by using social media to share your knowledge and experience.
#8. Create a potential sponsorship list
Nagy suggests taking time out to create a potential capital list. Write out the names of everyone you know and try to find out who will be willing and ready to invest and how much.
“Remember, everyone has access to a minimum of $10,000 line-of-credit if employed. If they own a house, have sold a business, or are simply affluent, estimate their potential capital,” Nagy write. “Do not stop until you reach $1 million.”
#9. Analyze about 100 real estate deals
“This creates a track record, which you can show to potential partners,” Nagy advises. “It also ensures that you understand the numbers associated with a deal, and what makes a deal profitable.”
#10. Prioritize and work on achieving your needs
Whatever it may be that you’re after, be it cash flow or raising of capital, put in mind what you want. This is the first step to take, after which mapping out a strategy is crucial.