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Updated almost 10 years ago on . Most recent reply

User Stats

202
Posts
149
Votes
Ana G.
  • Wholesaler
  • Miami, FL
149
Votes |
202
Posts

JV with two other wholesalers?!

Ana G.
  • Wholesaler
  • Miami, FL
Posted
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!

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