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Updated about 3 years ago, 10/06/2021
Advice on Wholesaling JV Needed
Hello! My name is Reed, I am 19 from SE Wisconsin. I got into wholesaling, or at least the process of wholesaling, about 3 months ago in July. I have been driving for dollars and cold calling, and have not done a deal yet. I have been working with some mentors, a married couple in a nearby town. The agreement we have had was they would teach me the fundamentals of wholesaling, provide Skip Tracing, come to appointments, handle and teach me contract and legal aspects, etc. They have the network and skillset already in place to help and teach me. In return they would receive half of my assignment fees.
Last week, they proposed a 2-year contract with the same terms and conditions we have been working with the last 3 months. I have tried to negotiate to 6 months, but they are pretty set in stone with what they are offering.
What I KNOW is that having a mentor in the short term would be beneficial. They already know what works and what doesn't. I am not familiar with the back-end stuff like escrow, title, contracts, etc. They would be able to help connect these dots for me.
However, 2 years seems like a lot of time, and I have aspirations to form my own company at some point in the next few years. If I did decide to do the 2-year deal, I would most likely be in a position capital and skill-wise to start my own company coming out of the 2 years at 21 years old.
So, my question is: should I try to 1. Negotiate further, 2. Take their offer of 2 years 50/50 profit split, or 3. Go off on my own and try to figure it out myself.
Thanks everyone!