Forming group to purchase a preforeclosure comm. prop in South TX

[Jessie Bienvenu]

I met an investor this evening that is looking to close out a group brought together for the purchase of a preforeclosure commercial property in McAllen, Texas. I know this gentlemen to be someone I would love to work with in the future. I want to present him value, I'm not looking for anything in return other than knowledge and relationships. How would someone recommend that I go about locating possible JV prospects for this group, as I am not familiar with this commercial space. I was lucky enough to end up sitting next to this gentleman at a seminar not related to real estate. Random luck, I don't believe in that. I think it is an opportunity. I've read many times on here that a great way to form a relationship with a mentor is to present value (or do something they don't want to do) or hopefully in this case it may be just enough to show some initiative.

The bank is asking 3.5M for the property, this is out of my league, or bigger than my pockets, you could say.

I was hoping maybe someone like @Joel Scott, or @Joe Fairless, maybe even @Ben Leybovich, or @Bill Gulley or anyone, could help with some ideas on how I could help play matchmaker in a situation like this.

[Guy Gimenez]

@Jessie Bienvenu

Yep, @Ben Leybovich hit the nail on the head...you're jumping into an arena that can get you into more hot water than you can ever imagine.

Excitement and enthusiasm aside, think about what you're saying. You're trying to find JV Partners for an investment you will not be participating in, that you have no knowledge of and that you don't understand...that is a recipe for disaster, and it's the best way to destroy your reputation before you ever get off the ground. If the "investor" you speak of is experienced, knowledgeable and connected, why hasn't he been able to "close out" the investor pool? Why would an experienced investor seek out a novice investor with no knowledge of the commercial sector in an attempt to locate passive investors. This thing just sounds way too fishy to me. I've seen many newer investors make the mistake of trying to run before they walk...with disastrous results.

I recommend you take your time building relationships and research well those who try to bring you into investments that they know you're not ready for.