I've been wholesaling a while and now am seeking to flip by using a JV partner to purchase and pay for repairs then split profits. I'm only in good areas with good school districts of Atlanta and Orlando. I've come across these so called private lenders who can't speak English well or at least they don't type in correct grammar then ask me for an upfront fee. I thought JV partners only get 50 to 60% of the deal once we fix and sell. How do I obtain the right JV partner? If you've done this before leave a comment on how you came across a true private lender and how fast you closed that deal.
How do you know these 'private lenders'? It sounds like you have not met them face to face, which leads me to wonder if they are advertising on some web site or you found them through some online service. If that's the case, they are not very 'private' and in my book, they don't sound like private lenders.
It's a tough sell when the partner purchases and pays for repairs (100% money) and the other partner finds a deal and takes 50% of the profit.
@Martin Manning These kind of relationships take effort, and patience, and it takes time. Knowing more and more people. Some may be investors, and they might also be (or not) lenders. The more people you know, the larger your network of people to talk with, look at your deals, and potentially invest are. I know several people who may or may not invest in future deals, depending on where their cash is, and my deal(s) are ... and where they line up on a calendar.
There isn't a perfect science to it. Sometimes you have to pay more. Sometimes you pay less. But you HAVE to have faith and trust in the person you are working with, otherwise it doesn't matter how great the deal is.
I'd start asking people ... send some privates messages on BP, connect with people for coffee, have a genuine interest in their business, and see where it might go.
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