Has anyone done a joint venture deal on an estate sale? I am a real estate agent and investor. I have a potential client/personal representative who is selling his family estate and he wants to use me as his real estate agent to list and sell the home. I presented an option to him to renovate then sell the property to maximize the value of the home so his estate can potentially increase the proceeds of the sale and he is interested. This would mean me funding and bringing in my contractors in to renovate his family estate to maximize the value then we would sell and split the proceeds. Mind you this is in a hot real estate market where homes are going under contract in 1 week. I do have experience flipping homes but never done a joint venture especially of this type. I wonder how to put this type of JV agreement together to protect me since I have no interest in the property and to make sure both of us are under the same understanding going forward? Any advice or recommendations?
I don't know the contracts involved. I would think a pretty standard listing contract alongside a fairly standard renovation contract with the funding language in there.
This is what the ladies on Unsellable Houses do. It is actually one of the better HGTV flipping shows. They might help you with a contract if you reach out to them.
I have heard of this kind of thing and am intrigued. Bur I could see it as part of a licensed contractor reno contract or maybe a subject to kind of purchase sale agreement with you as buyer.
I do like the idea of flipping estate houses and have considered something like this but I don't want to become someone's contractor or have to worry about sentimental partner decisions.
good luck !
Thank you for the feedback!