Wholesaling Joint Venture

[Jose Diaz]

Hello everyone, I am beginning to network with local wholesalers and was wanting to do a joint venture. What I want to do is get their permission to assist them in wholesaling their wholesale deals. Is this considered a joint venture or is there another definition for what I wanting to do?

Also, how would the process work beginning from my standing as the second wholesaler?

Thanks
Jose

[Kris Haskins]

Originally posted by @Joe Santiago:

Yes it is considered joint venture. Make sure you  get a contract with the wholesaler that allows you to do so otherwise it would be illegal advertising others deals and receiving money. Good luck!

 wow, this is such a juicy topic.  I HIGHLY recommend newbys try to sell other wholeslaer's deals starting out.  It's no risk and you don't even have to find a deal.  Joe mentioned getting a "contract" with the wholesaler.  I'd like to know which type of contract.  The way we do it is 2 ways:

1. Getting a joint venture signed by the 1st wholesaler. I've done this on tons of deals including wholesales, rehabs, lease options etc. etc. Joe is right, attempting to advertis a house u don't have equitable interest in OR own OR if you don't have a license, u may be in for the REI police looking at you in your area, such as they do here. Some peeps are so anal at other's making money in the Tidewater area, they will report you if you try to do so. SO, just watch out.

2.  Using a "flex option" or "double option"  to buy.  This contract is really cool it basically says:  Seller has the option to sell to buyer.....  and buyer has the option to buy from seller.  There is no conflict with the 1st wholesaler since he's still shopping it, and you can still go look for a buyer and your equitable interest is covered.  Now, the BP overseers may have  word on these docs so let's see what the powers that be say.  If this post helps you in any way, please vote for my post.   Good luck, ur going to set them on fire......