In the real estate game, competition often overshadows cooperation. Today, we explore a different approach taken by two remarkable investors from Phoenix, Arizona—Pace Morby and Jamil Damji. These industry experts flipped the script on the traditional competitive mindset. Instead of tearing each other down, they built each other up, proving that collaboration can lead to immense success. Here’s how they did it and why you should consider doing the same.
The Power of Collaborating Within the Same Markets
Pace and Jamil’s story isn’t just about making deals—it’s about creating an ecosystem where everyone wins. They found that collaborating boosts their business in unexpected ways. Think about it: instead of fighting over scraps, they pooled their resources, expertise, and buyer lists to score bigger wins.
The “Crabs in a Bucket” Analogy
It’s easy to fall into the “crabs in a bucket” mindset, where anyone trying to succeed gets dragged down by others. In real estate, this can mean other investors telling you your way won’t work just because it’s different. But imagine if those crabs all supported each other—they’d all get out of the bucket.
For Pace and Jamil, being around like-minded people who genuinely want success for everyone makes a huge difference.
Real-World Examples of Successful Collaboration
Turning Impossible Deals into Wins
In practice, Pace and Jamil have turned “impossible��� deals into profitable ventures through collaboration. For instance, Pace had a house with an ARB (After Repair Value) of $1.3 million and no buyer in sight. By teaming up with Jamil, who had access to buyers Pace didn’t, they closed the deal. Without this partnership, the property would have remained unsold.
Efficient Deal Execution
Pace highlighted how his team had done a great job on the acquisitions, but without Jamil’s network and collaboration, it would’ve been just a contract without a buyer. The collaboration turned potential dead ends into profitable avenues.
The Importance of Network and Trust
Building an Ecosystem of Trust
Pace and Jamil emphasized building a network where trust prevails over fear. Many investors worry that sharing leads or collaborating will lead to someone stealing their deal. This fear stems from a scarcity mindset. However, Jamil pointed out that in their years of working together, they’ve never faced issues of dishonesty or theft within their trusted circle.
Transparency and Respect
Respect and open communication are key. If you want to work with someone else’s deal, be upfront about it. A simple phone call can create opportunities for mutual benefit. This transparency means you’re not just making business transactions; you’re building lasting relationships.
Leveraging Each Other’s Strengths
Complementary Skills
Pace likes acquiring properties but doesn’t focus much on dispositions. Jamil excels at disposing properties. By combining their strengths, they streamline operations, thereby increasing efficiency and profitability.
Scaling the Business
Pace and Jamil aren’t just about making one-off deals; they’re about scaling their operations. Their approach allows them to close 40 deals a month collaboratively, proving the effectiveness of their strategy.
Practical Tips for Real Estate Collaboration
Align With the Right People
Check who you’re surrounding yourself with. Are they pulling you down or lifting you up? If it’s the former, it’s time to switch up your network.
Open Communication
Reach out to other wholesalers, attend meetups, and be clear about your intentions. Whether you need help with certain leads or have buyers that others don’t, open communication lays the groundwork for beneficial partnerships.
Provide Value First
Always ask how you can add value. Helping others first often leads to reciprocal benefits. This mindset shift from “What can I get?” to “How can I help?” can transform your business.
Summary
In conclusion, the journey of Pace Morby and Jamil Damji showcases the transformative power of collaboration in real estate. By shifting from a competitive to a cooperative mindset, they’ve unlocked immense potential and success. Their story demonstrates that building trust, leveraging complementary strengths, and fostering open communication can turn seemingly impossible deals into profitable ventures.
For real estate investors, the lesson is clear: collaboration is not just a strategy, but a pathway to scaling and sustained success. Embrace this approach, and you might find yourself breaking barriers and achieving new heights in your real estate endeavors.
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