All Forum Posts by: Cristina Rodriguez

@Nick Karni: Thank you for your input, and validating what I was feeling. It's helpful!

@Jeff S.: Thank you for your input. You certainly gave me some things to think about when and how I approach my next deal. It all happened so fast, that I found myself taking a step back further after each conversation/meeting. I insisted on the JVA with many of the points that you mentioned to be included, but ultimately decided to back out in the end so we could hammer out the terms of the JVA. I haven't heard from him since. #FunnyNotFunny

@Carlton B.: Thank you for your input, it's helpful!

@Kerry Noble Jr: Absolutely! Inbox me what you got. ;-)

@Shawn Gavin: Sure thing. Please private message me so we can set-up a time to chat so I can learn about what products, rates, you have available.

Thank you, @Nicholas Pasowicz.  Yes, please, I'd love to know what you use to evaluate deals and invest in Real Estate.

 
Hello BiggerPockets Community,

I am new to the real estate industry and I just want to share my first joint venture experience in the hopes that you will share yours, your direction and feedback.

I met my prospective JV partner at a Real Estate event in Los Angeles. He and his partner are just getting back in to the industry, collectively have 30-years experience, and are doing Joint Ventures (fix and flips). They offered 66% for using my cash and credit and his team would be doing all the work and overseeing the entire project. He and his partner graciously answered all my questions, so I felt at ease.

The two deals that we discussed came fast. They provided the purchase price, ARV and investment amount, but I had to ask for pictures, comps, JV agreement (JVA), etc.

The first deal - fell through before we got to signing a Purchase Agreement (PA) and or JVA.

The second deal - came on the same day that I was told that we lost the first deal to another buyer. Again, I asked for pictures, comps, and the JVA with the terms and conditions that I requested for the first deal. I was presented pictures, no comps, no JVA, and I was told that I needed to do the PA first, then Earnest Money Deposit (EMD), then LLC, then JVA, then the loan, close escrow and then we start the work. I called the company that we were buying from and found out that the PA is final if I sign. As a result, I did not feel comfortable signing a PA, since it was final and I had not received comps or signed a JVA.

Although we did not get to the loan portion of the transaction, we did speak with a hard money lender. They were charging $10,0000 + 2%.

I'd love to hear from the community if this is normal percentages, procedures and if the loan fees are average, low or too high? Any feedback is appreciated.

Kindly,

Cristina

Why did writing the title feel like a tagline for a dating app? Haha, I guess it would be the start of a new relationship. 😉 

Any who back to serious business, I am an Investor looking to do a joint venture. Under the right circumstances/partnership, I am willing and able to put up the cash and/or utilize my credit to get the deal started. If you are earnestly interested in working with me or have a reliable referral I would love to hear from you. 😁

Why did writing the title feel like a tagline for a dating app? Haha, I guess it would be the start of a new relationship. 😉 

Any who back to serious business, I am an Investor looking to do a joint venture. Under the right circumstances/partnership, I am willing and able to put up the cash and/or utilize my credit to get the deal started. If you are earnestly interested in working with me or have a reliable referral I would love to hear from you.

And, uh, I dunno follow me. Is that what we do here?! Haha. 😁🌷