Im looking for advice on creating a JV with someone. I recently purchased a home in Ohio for under 20k. Its already being gutted and getting ready to get it rent ready. This house is in a good location. Close to hospital amd college. The home has a full basement with a bathroom ,back patio garage 4 bedrooms 3 bath 1700 sq ft. It has so much potential for renting out at least 3 separate entrances. Abnb can also be included. It has 2 separate meters as well. Im wondering if anyone would JV with me on the rehab (approx 20k).

1. Advice on how to JV at this stage and what would it look like.

2. Anyone interested?

Originally posted by @Kim Snyder :

Im looking for advice on creating a JV with someone. I recently purchased a home in Ohio for under 20k. Its already being gutted and getting ready to get it rent ready. This house is in a good location. Close to hospital amd college. The home has a full basement with a bathroom ,back patio garage 4 bedrooms 3 bath 1700 sq ft. It has so much potential for renting out at least 3 separate entrances. Abnb can also be included. It has 2 separate meters as well. Im wondering if anyone would JV with me on the rehab (approx 20k).

1. Advice on how to JV at this stage and what would it look like.

2. Anyone interested?

How would you handle this from across the country, Kim?  Do you have ties, connections, family there in OH?

Handle what? The rehab i already have someone working on the house. 

If you intend to JV the deal make sure you have an attorney draw up the paperwork and that all scenarios are covered. Many a deal goes to hell with partners. It is often easier to get into a JV than get out of one.

Your not gutting a 4/3 from out of state for 20k. Materials alone will be more than that. Rent grade gut is 3-5x that easy.

But maybe you didn't mean gut job and rehab really is only 20k. You must have some money to hire the contractors since you said they are already working on it. Hopefully enough to pay them in full since they already started and are under the impression they will be paid when finished. I'd forego the JV and just come up with the little bit extra needed. Credit card or friend/relative. Ask the contractor to take a CC and you'll pay the 3% fee or something.

Good luck!