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The Real Estate Way to Wealth and Freedom - Jacob Ayers EPISODE 329, 17th July 2020
Partnerships, Teams, & Passive Investing - Friday Fundamentals
00:00:00 00:09:08

Partnerships, Teams, & Passive Investing - Friday Fundamentals

Often times in life it isn’t what you know but rather, it’s who you know. You’ve probably heard this before. This is because, in part, you can’t possibly know everything. Heck, you probably don’t even know half of what you need to know!

In business, life, and everything in between, there are constantly new challenges you face. Sometimes you don’t even foresee the challenges coming because, well you don’t know what you don’t know. That’s why it’s important to surround yourself with a team. Your team can consist of partners, mentors, and coaches, among many others.

Elite athletes surround themselves with coaches, mentors, and a great team. Even young kids have coaches and instructors for sports, dance, band, etc. Growing up, you are surrounded by teachers in school, mentors in your parents, and a team of friends and family. In business, the same should apply. You need a team to help you grow and excel.

Real estate investing is a team sport. Whether you are investing actively, or passively, your team is the most important factor in your success. Your team will be made up of property managers, brokers, accountants, attorneys, and other roles that you'll need throughout your real estate investing journey.

It’s important t le. As Jim Rohn said, “You are the average of the 5 people you spend the most time with”. You already have a team, whether you realize it or not. There are people in your life who act as your coaches, mentors, partners, and friends. Your team is fluid and will change over time.

Let’s look at some roles you can consider when building your team. These can be tailored towards your goals, but are a good starting point.

  1. A mentor. A mentor will help guide you and encourage you to reach your goals. Usually, a mentor is more experienced in the same area you are in and knows what you should do in order to get where you want to be. It’s important to find a mentor whose values align with yours, and whom you trust.
  2. A coach. A coach will accelerate your progress and help you achieve your goals much faster. A good coach will help you navigate from where you are currently to where you want to be, with specific and actionable advice. Your coach should challenge you, make you see new perspectives, and push you past your comfort zone. Find a coach who expands your mindset and makes you think bigger.
  3. A partner. Your partner(s) should share your same vision for the future. You should have similar goals and be willing to put in work together to achieve those. But you don’t have to find a partner that is just like you. Actually, you need a partner whose strengths complement your weaknesses. A partnership should be complementary, not supplementary.
  4. A sphere of influence. These are your friends, family members, and peers. Not everyone will support you and promote your best interests, and not necessarily in ill will. Some people just aren’t on the same path as you. Your sphere of influence is your network of people who you surround yourself with on a day-to-day basis. These people will influence you directly and indirectly with their thoughts, actions, and inactions. Be careful who you spend your time with because you’ll be the average of them.
  5. Brokers, accountants, attornies, property managers,

A mentor, coach, partners and your circle of close friends can elevate you to new highs. They can help you reach new levels of success, and in return, you can help them too. These relationships are all about creating win-win scenarios.

Partnerships

Partnerships can be a great way to grow and scale. An ideal partner is one whose strengths complement your weaknesses and vise versa. Whether you invest actively, or passively a great partner can be the key to your success.

If you're a passive investor, then you're relying on your partner to build these teams and make these connections for you. We'll talk more about that in an upcoming episode with Travis Watts, a full-time passive investor.

Guarding Your Team

Building a team may sound like just another responsibility to add to your plate. It might sound like it will just slow you down, cost you money, and distract you from taking action now. But that is not the case. A team will help you go further in your journey, avoid distractions, focus on the big picture, and grow your mindset. There are some limiting beliefs around partners too. Some people don’t want to partner with other people because that means they’ll have to share the rewards of the business. This is a limiting belief and that should be avoided. A piece of a watermelon is better than an entire grape.

Like we mentioned, you have a team now whether you realize it or not. Guard that team, and don’t let people into your life who don’t support you and want what’s best for you.

Surround yourself with people who bring out the best in you, people who care about your success, and people who help you grow. In return, be that same person for others. With the right team, you’ll find yourself reaching your goals, expanding your mindset, and new opportunities you never even imagined opening up. So build your team, take action, and continue to be the best version of yourself.

Resources

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