Find the right people to partner with
Use other people’s money to build your empire.
That’s right, you can find like-minded investors that are willing to put up the money for this investment property
. You’ll need at least five partners to contribute R50,000 each.
But where do you find these willing investment partners?
It’s simple, you can make new contacts at the property
auction I told you about, investor meetings, and by asking friends and colleagues.
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It takes a match to start a forest fire.
It takes a little seed to create an entire human being.
And it takes this tiny book to make you a Forex income to last a life time!
Be very careful who you partner with because this is a long-term investment so don’t just accept anyone’s money.
To find someone you can trust, look for someone that a friend or colleague can vouch for. You can phone up the people they do business with like customers, colleagues or any other stakeholder to make sure the potential partner’s reliable.
Another good idea is to have multiple meetings where you can socialise and discuss one another’s history of business.
As a last resort, you could turn to your family for the money you need. But taking money from your family is risky, so make 100% sure that you are ready for that commitment.
Clarify each investor’s stake and the role they need to play in building this empire. You can speak to a lawyer about drawing up a contract or visit www.freelegaldocs.co.za to find a free template.
Be sure to state everyone’s portion of ownership of the property
empire. The size of each portion of ownership will depend on the size of the individual’s contribution.
You should also write down the consequences of pulling out of the investment. For instance, you could state a penalty for selling your share of the investment until a certain number of years have passed.