i need advise

[Karen Van wyk]

Hello...i found an ad for a JV on craigslist from someone who lives near me and this will be my first RE transaction where i will bring the funds and he will bring the deals. I was cautioned against finding someone on craigslist for this and i have not met him in person yet for i just connected with him on the phone yesterday....any words of advise?

thanks

Karen

[Larry Turowski]

@Karen Van wyk Don't do it.

Why?  First, trust your gut.  It's a little weird, isn't it?  You don't know they guy, you don't know that he can deliver.  You are putting up a lot of money and he is running the show.

Second, cash is king, you should be driving the bus.  Maybe he is trying to make it "easy" on you, but sounds like he is going to be driving and potentially pressuring you to buy deals that you might feel uncomfortable about.  Or just as bad, he'll talk them up and make you think they are better than they are.

Third, he's probably going to ask for a weekly draw.

Fourth, if he is a wholesaler, he doesn't know what he is doing. It sounds like he is not a wholesaler and will be buying from wholesalers or off the MLS. You can do that directly.

At best he should be someone you hire, not partner with.  If you must partner with someone, do so on more equal footing.  You have everything to lose.   He has nothing.