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The Do’s and Don’ts That Make or Break Your Joint Venture Partnerships
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Podcast Episode Title:
"The Do’s and Don’ts That Make or Break Your Joint Venture Partnerships"
Summary:
Whether you're new to the game or looking to scale your portfolio, joint ventures can be the rocket fuel you need or the iceberg that sinks your ship. Garret shares lessons from his first real estate deal and outlines key principles to structure a successful partnership that protects your investment and your relationships.
Timestamps:
[00:00:00] Introduction - Garret kicks off the episode with a cautionary tale about his first failed JV and outlines why structure and clarity are critical to partnership success.
[00:02:00] Find the Right Partner - Learn how to identify JV partners who complement your skills, whether it's capital, experience, or connections, and how to ensure alignment in values and expectations.
[00:04:00] Define Roles and Get it in Writing - Garret emphasizes the importance of decision-making clarity, formal agreements like a Unanimous Shareholders Agreement (USA), and having a clear rulebook from the start.
[00:05:30] Protect Yourself, Even with Friends & Family - Discover strategies to avoid emotional and financial fallout with loved ones through structure, legal contracts, separate finances, and worst-case scenario planning.
[00:07:30] Key Takeaways - We wrap up with pros and cons of incorporating your JV, legal and tax implications, and a bonus tip on building your real estate dream team for lasting success.
About Garret Wong
Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.
Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.
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Contact:
For feedback or questions, reach us at https://garretwong.com/contact/
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