OfflineFound a wholesaler today in Miami area who got three deals
2 triplex and 1 duplex and the numbers are looking good to me (I have two buyers who I know would fight to get this property lol for sure and can close in less than I week). The wholesale got a contract with the initial owner of the property and he wants to either assign or double close.
I told him I got a buyer for his deal and I requested we split the assignment fee but before I pass your deal to my buyer I must have a contract between the both of us. the wholesaler wasn't willing to split his assignment fee with me because he got a partner on the deal. Ok Thats fine with me. SO he suggested me to put my fee on top and I'm cool with that.
I suggested to him that he could double close it. Meanining I would have a contract with the wholesaler as the seller and me as the buyer then assign my contract to my buyer. When I told him that he was like oh he doesnt want to be writing up different contracts. And was like how about we do a Joint Venture Agreement and I told him ok fine. He is going to send over the contract to me tonight.
My question is AM I SAFE DOING THIS? I'm curious becauseI haven't done a joint venture agreement before.
I would appreicate a response to this
Thanks in advance
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
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Do title companies honor joint venture agreement?
Also my plan was if I have a joint venture with the seller. I can also give my end buyer my consultant agreement which will say on the agreeemnt that if he to buy any if the property he is to pay me $5000 each on each property.
What do y'all think?
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
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Well again I have done only 3 deals but I have made hundreds of offers and have signed consultant agreements, lot's of them and bird dog agreements too. It sounds confusing and I also got a bunch of deals confused at the beginning by trying to protect myself too much so just be careful with that.
But that being said the joint venture sounds good, whatever gets you the deal really. And the title companies will do whatever you put in writing to split up the profits, an assignment contract for example or a consultant agreement and at escrow will disburse the funds-it's called escrow instructions. But you have to follow it through with them because things can happen you know, they didn't wire my funds on one deal until I called and made sure they did, the other wholesaler forgot to tell them so follow up ok.
Great job btw and congrats!
Tony
Go faster do more! GFDM!
I appreciate your advice. I had to call up a couple of RE attorneys this morning and its funny I came across this one attorney who wanted to charge me jst to review the agreement. When I was on the phone with him, he was like "hey why don't you email me the agreement and then I will take a look at it and get you a quote" and then I was like "you know what ummm let me think about it then I'll call you back and thanks for your time." **Never called him back lol**
Finally, I requested the seller (wholesaler) to give me the escrow contact info which she did and I got in contact with them. SO basically, the closing agent told me the agreement looks good. I shouldn't have any problem.
Thanks again
Best of Luck in your investing
TC
Miami Florida
"If you are not doing something that help the universe or God or your family, or YOU, is that something you should still be doing?"-Dean Graziosi
"Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing!"- Joe Jurek
Follow me on my road to being a BILLIONAIRE http://bit.ly/1q7aOFX
Go LIKE my official facebook page http://on.fb.me/1qQGO6i