Best way to validate/verify a JV parntership program is legit! Dont want to be scam
I have had discussions with someone who is looking to JV partner on these properties and looking for $200,000.
Below is some of the details of the deal.
The question I have is how do I protect myself and confirm the company is legit and that I won't get swindled/scammed? I checked linked and Facebook. Looks solid, but that, too, can be fake.
Do I get an attorney to review it? What steps/precautions to take when you don't know the individual personally?
"How our JV program works - we need $250,000 from our joint venture partner to provide down payment, closing costs, and some startup funding. After a year, we will refinance the property and return all $250,000 to our JV partner - our partner retains ownership long term with none of their capital in the deal going forward. We also guarantee a 10% return on the 250k investment - this is paid back monthly from net cash flows received on the properties.
After refinance and after all funds paid back, our partner can expect $2-3,000 a month in ongoing cash flows. We split the monthly cash flows, tax benefits, appreciation, etc, 50/50 after our partner is paid back. Until paid back, our JV partner gets 100% of the monthly cash flows. Pretty basic JV program."
Most Popular Reply
@HJ Bercy
Did you run a background check?
Ask others about who they are (like BP)
Ask them to show financial statements from prior deals
Get referrals of prior partners
Ask who their attorney and cpa are and call them.
These are just a select few ways
If returns look stupid good - then I would run far away
- Chris Seveney
