The joining of two or more people to conduct a specific business enterprise. A joint venture is similar to a partnership in that it must be created by agreement between the parties to share in the losses and profits of the venture. It is unlike a partnership in that the venture is for one specific project only, rather than for a continuing business relationship.
This type of an arrangement is where we can utilize our knowledge and buying power to accumulate more profitable projects. We can joint venture deals with people who bring us qualified projects while also being in the position to supervise and or work the project in it’s entirety.
Simply stated: After our criteria is met, we will fund the entire project from the purchase to rehab completion. We will also be responsible for all holding costs.
You will be responsible to get the paperwork needed and required to purchase the property. Then you will be required to supervise the rehab work and selling of the property. Great for contractors.
After the sale, we will split the agreed upon profit 50/50. We have a simple three page joint venture agreement which specifies the terms for the project.