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6 posts by 5 users
Nov 09 '09, 06:06 AM
Another investor local to the area wanted to partner with me on a short sale and offered me 1/2 the profit. How can I form a partnership without the hassle of forming another LLC. Is there some form we can come up with that will ensure that I get paid when we close the deal?
Nov 09 '09, 06:53 AM
Yes, have your attorney draw up a contract between your entity and your partner's outlining exactly what each of you do and what each of you get.
Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com
Nov 09 '09, 07:02 AM
Here is some advice: Make sure that you detail out what each of you will do/perform. And do not forget to clearly state what each will get as pertaining to funds.
Plus, you need to make sure you lay out the plans for if the deal goes bad.
I learned all of this the hard way.
So now, I always use my contracts.
Nov 09 '09, 07:10 AM
Don't listen to either one of these crazies LOL!!!
Tell that dude to pound sand unless he's bringing deals to the table. Otherwise, welcome to being a bird dog for some other monkey trapped in the same cage. Why do u need this guy? Has this guy ever done a deal or are two newbs partnering up?
If you're a seasoned investor, sure I'll JV with ya if YOU bring me a deal, but why would you do that? If you're a newb and wanna JV with, expect to be paid as a bird dog in most cases.
Get what I'm saying? You don't need that guy, you have more resources available to you than he does. Do your own deals unless he brings them to you
Nov 09 '09, 07:13 AM
Sorry, I'm a little feisty tonight :)
I just re-read your post, am I right assuming that the other cat is bringing you a specific deal and wants 50%?
Dec 02 '09, 12:37 AM
I have done this before but I cant remember what the form was called. I had my attorney draw it up and we gave it to the title company and they split it up at closing. It is possible I would call your attorney and see if they already have one drawn up he can just give you
Brian Haskins
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