Reno Kings

Reporter: Damien Hanson

With share markets bouncing along the bottom, and property prices floundering, home loans are harder to get. That's where these blokes come in.

Geoff Doige and Paul Eslick - the Reno Kings. They've accumulated more than 70 properties and helped thousands into home and property portfolios.

"Interest rates are going down and rents are going up there is cash positive properties everywhere around Australia anyone can do this but you have to get into a JV because by yourself you can't be able to do that" says Paul.

A 'JV' is a joint venture. A simple concept where two or more people to buy a property, renovate and sell, or hold onto it as an investment.

"It's a good time now because everyone is a little nervous about the market and you can go out there and negotiate and you are not rushed you are not fighting to get a property. You can negotiate and make an offer, take your time, do your research and then make money" says Geoff.

"I think the word joint venture scares people, we just looked at this as I can't do it neither can you lets do it together.. Easy." Troy Ingram teamed up with his sister Brooke to buy their first property.

"At the time we couldn't afford to do it on an individual basis, she had some money in the bank but didn't have an income for borrowing power where as I was the opposite, I had the borrowing power from my income but I didn't have any money" adds Troy.

They have bought two, sold one and are on the hunt for another property, none of which they could have done individually.

"We bought a property for $170,000, we essentially stripped out everything that was there because it was a seventies job we spent about $15,000 nine weeks later sold it for a $50,000 profit" explains Troy.

"We have um four properties now and they are worth about $3.5 million." Melbourne mother of three Abbey Levin paired up with her next door neighbour to launch her investment portfolio.

"When I was explaining to him we were hoping to put some town houses on his ears pricked up… and he said I have been thinking about doing that myself and we started chatting about it" said Abbey.

They became joint venture partners and built a duplex in suburban Burwood. Abbey hired a designer to help with the finishing touches and they soon got talking.

"The second joint venture project we did was almost a year later and it turned out to be with the designer who worked with us" said Abbey.

"The great thing about a joint venture is that you can spread the risk." Rob Vallander is a lawyer and developer. He says joint ventures are an easy way to get into the market with the help of two, three or even seven people as the Reno Kings did.

"Today is a bit like we bought this property here, the market was quiet seven of us got together, put $20,000 in and we bought this house here and then I didn't know how to build so I got Paul and you've got the mixture of skills and we built a house at the back and today they are cash positive and they are bringing in money" says Paul.

But to bring in the money, you have to get it right. Here are Rob's expert tips for a successful property partnership:

* Don't advertise and where ever possible avoid strangers.

* You must have can do people because at the end of the day this joint venture project is something you have to drive yourself, so you need positive like minded people.

*A well structured well thought out well managed joint venture is paramount it is essential that you have a written joint venture agreement.

"It is very important to have a written joint venture agreement. Everyone goes into these things expecting to make a profit which is the right attitude it is the only attitude to have" say Rob. "But every now and then they don't go well or they go wrong so it is very important to have joint venture agreement so that the risk that you are all taking will be clearly spelt out as to how that risk is shared. Also if things don't work out quite as well as expected you will need an exit strategy and that is where a written joint venture agreement becomes important."

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