Looking for 60/40 JV partner that wants to make $54k profit in 6months

[Eric Renney]

I am looking for a JV partner to fund a great deal! In return, you will receive 60% of profit at close (estimated $54,000) in approx. 6 months! I was approached with this deal by a wholesale investor in the area that has obtained the property through short sale. Both the 1st and 2nd mortgages have an approved purchase price, and this home is currently sitting in title. I have a contractors estimate, comps package, and property info sheet on this deal (PM me and I will send them right over).

The information on this deal:

This is a sailboat access canal home w/ pool. Very desirable area. 3 bed/ 2 bath/ 2 car garage, under 2045 sq. ft.

ARV: $475,000

Purchase price: $295,000

Rehab: $52,000

Holding: $2,000

Commission: $27,000 (6%)

Closing Costs: $9,000 

Cash needed: $358,000

Your Estimated Profit: $54,000 (30% per annum return)

[J Scott]

Originally posted by @Eric Renney:

Just to clarify, this property was a short sale. The wholesaler....

Just curious how this wholesaler is wholesaling a short sale. Almost all methods of wholesaling a typical short sale (where the buyer will need to sign an affidavit that there are no other side deals) are either illegal or come with risk (for example, buying the equity in a purchasing LLC).

So, beware that you're not involved in anything illegal...