It’s also important to specify that the partnership is just for the single deal and not future deals. The agreement should contain things to cover what happens if more money than was anticipated for the rehab is needed, how profits (and losses if that happens) will be split, and any other details for who is supposed to what in the partnership. Make sure to get competent legal advice for the joint venture contract from a local attorney. It’s important to make sure that any unknowns are covered and thought through before partnering with somebody. Kevin also shared some of the key points from the joint venture contract he was using. He found his first JV partner that put up the money for the first deal and several deals after that from his craigslist ad. Netting about $65k profit that he split with his JV partner ![]() The numbers for that first deal are as follows (rough figures): Not bad all, especially considering he didn’t have any of his own money in the deal… meaning no risk! Kevin didn’t have the money to buy the house and fix it up so he teamed up with another investor to fund the deal with an agreement to split the profit 50/50. Kevin’s first deal generated a total profit of about $65,000! Not bad for any deal, let alone a first rehab deal. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |