Should I send my contract to another wholesaler when JV a deal

Question

Recently I had another wholesaler contact me to do a JV on the deal I have. I’m new to wholesale so when the other person asked for the contract it kinda stop me from doing the deal I’m not sure if I should sent her my contract I have with the seller when doing a JV agreements I was told I should do a non exclusive agreement which will protect me if you have any tips my ears are open

Lydia R. · Answer

My advice is to try and find a buyer on your own first. Unfortunately there are a lot of wholesalers who dont want to do the work of finding their own deals so they look for those who have done the work and try to JV. I am all for an equal JV partnership where both parties are bringing value. If another wholesaler has a strong buyers list, then it makes complete sense to partner with them and get your deal sold. It does NOT make sense to JV with someone who is just going to market your deal in the same places that you would market it. Why give up 50% of your fee to someone who isn't doing anything you cant do for yourself. I see lots of newbies get their first deal under contract and immediately panic. In that panic they are lured by the promises of someone else finding them a buyer and they agree to JV only to have their JV partner market the deal in all the same places they would've posted it. So my advice is to try and find your own buyer and keep all your fee for yourself.

Nick C. · Answer

If the wholesaler is assigning the contract, his potential buyers will need to see it to know what they're buying.

Joe S. · Answer

As someone that has purchased a contract on assignment. I would want to see the contract prior to executing the earnest money and signing the contract assignment. You would think your JV’s buyer would want the same.

Marc Maitre · Answer

Don't send your contract to them; all they need to know is the address, hopefully, you register it at the county so they can't go behind your back. I would create ane page JV agreement structure. and send that over to the title company

Eliott Elias · Answer

Make it incentive based, whatever they sell the deal for on top of X amount is their take home. They do not need to see your contract.

JD Monroe · Answer

I wouldn't just send the contract out to anyone who asked for it. With that said, your contract is what helps protect you from loosing the deal.

If the other person is entering in to a JV agreement with you, they should know what the are trying to Dispo. This is also how the other person verifies you actually hold interest in the property.

We have JV'd on the buyer side and seller side many times. You should not be JVing with anyone you don't trust, get a signed JV agreement to cover both of you, but trust is what the key factor should be.If a Buyer asks to see our contract, We send a redacted version and give the full version after EMD is placed and is hard.

Melissa Haworth · Answer

@JD Monroe thoughts?

Should I send my contract to another wholesaler when JV a deal

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