Policy For Notes And REO
At one point Joel was looking at enhancing the property listing feature to include pools, reos and notes.
In absence of that feature, if I have 10 Gas station REO/note how can I market them here.
If you can get it at a good price from the bank:
Get accepted offer, and assign
JV w/ flipper
JV w/ money person
flip for finders fee to any of the above.
what does JV stand for?
JV means joint venture. It is a transaction, where you team with a partner with skill or money to invest for a project. This can be a development project (rehab or preconstruction) or an investment project (buy and hold, give partners a nice equity check, after you refi).
A rehab deal with $20K in repairs and an appraisal being double what the bank is asking for is a steal. You should no problem finding a partner in the deal, or financing, or hard money combined w/private financing.
All signs say go!
Side Note: Real estate development is not only limited to preconstruction a.k.a. land development or building on land, but it can be for rehab of buildings as well.
Quote:
On 2009-01-23 11:47, sharonmp wrote:
what does JV stand for?
[ Edited by omicron3000 on Date 01/23/2009 ]
In doing the joint venture, is the equity split 50/50?
Normally a JV is a 50-50 profit deal.... but it can be ANYTHING you negotiate.
If you want to move into this house, you can negotiate a pay-off of your JV partner when you sell your personal residence and refi this purchase. Possible?
[addsig]