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Updated over 9 years ago,
JV with two other wholesalers?!
Hey guys!
I got a property under contract that was better made for a buy & hold investor/rental. I only have buyers for fix&flips with larger margins. So naturally, I decided to JV with another investor.
Problem is, when I gave first right of purchase to my cash buyer (JV partner #2), he didn't respond until two days later which in that time I found JV partner #1 and now my buyer (JV partner #2) wants to JV with me also.
It's only been about 5 days since I signed the contract with my seller so obviously I have more than enough time to market and find my own buyer (45 days).
So now, what do I do if one or both of my JV partners finds a cash buyer for my deal? Or what if I find a cash buyer before both of them? Do I just say "sorry I know you've worked hard to find me a buyer but I don't need you anymore" ?? Seems kind of like I would have been wasting my JV partners' time and I don't want to lose them as a future buyer/contact if one of those situations arises. How do I go about this? Is this a normal thing?
Thanks!