Should I work alone? Or JV with someone???

Question

I have been studying Real Estate for a while, and I got to that "analysis paralysis" point.  So I decided to move forward and get started with wholesaling.  I have a property lined up to sell (my mom's old house) that is perfect for a wholesale deal, however, I'm trying to decide if I should go at it alone, or if I should enter into a JV with someone who is already established (another wholesaler).

On my own, I am still searching for an adequate looking sales contract and assignment contract.  I have one, but it looks a bit sketchy.  I have advertised the property and have received interest from a few potential buyers (one of which has approached me about the JV).  On the flipside, if I partner with the other wholesaler, the materials, resources and knowledge base is there.

Can anyone suggest what I should do????

-Ben

Mark Scarola · Answer

Hi Ben,

Good question. I can relate to the whole analysis paralysis thing. I've spent years studying and self-educating only to watch potential opportunities pass by. It's tough to take that first leap and get that first deal done.

For that reason if you can find the right partner, having someone to keep you moving forward when you start getting nervous might be a good idea. It can also give you the confidence that you're not overlooking something. Nothing says that you have to have a partner indefinitely or that you can't do some deals on your own and others with someone. But if you're the kind of person that needs a "boost" to get that first deal done then a partner may be right. At the same time, it sounds like you're well on your way already.

When it comes to partnering, having the right partner is more important than just having a partner. If you have a good attorney you trust to review the paperwork and answer any questions you have, you could always finish this deal alone and then consider partnering on your 2nd deal just to compare the process with and without someone else. That also buys you some time to find the right partner and not just someone who's available now.