All Forum Posts by: Account Closed

I see, thank you for the clarification.

I can sell them to you but they won't be for 25 :)

But in all seriousness, if anyone's intersted, let me know.

This is sort of off topic, but a little on topic... where I buy in NV, I buy condos for 25k and am netting (hoa..) 700, but you can buy a condo in a "nicer" area (where I buy is not bad) and pay 80 thousand and you will net the same. Even the really nice areas, where the condos go for about 120k-ish, you will net about 950/1000. an extra 200/mo for 100,000 Dollars. NOT worth it.

Thanks everyone! I guess the big issue for me here is (correct me if I'm wrong) that I should probably be buying (with the 1031) a long-term property. Because if I were to purchase a flip property with these profits, I would just pay those taxes on that flip, so yes they were deferred, but I'm still paying them a couple months later. But if I buy something long-term, I can defer them for years and years and then sell and buy something else long term, etc... yes?

Thanks again. @ Steve is the $800 fee the only reason you wouldn't partner in an entity? Because if you're making quite a bit more than that on the deal, it may still be worth it- if it makes sense in other ways. Just looking for the best/safest way to do this. I'll look into the land trust too.

Thanks for all your advice, now I know what to do next time. This was a while back, and it was the first time I was actually charged when I had to cancel. It wasn't a company I normally use, but it was a partner of a company I use (long story), but I still should have argued that I am a customer of their sister company. I tried to get it waived and they wouldn't...

Thanks for the info.

It's really nice that that person is looking out for you. Can I ask what part of that agreement is questionable?

Thanks for your input!

Would you only JV on flips, or would you do it on something more long term?

Thank you all for your input. The 40K is just an estimate, but yes of course I considered the costs of improvement and closing costs. Again, thanks for your advice as I wasn't sure it would be worth it, though now I will look further into it.

I've tried to look through the posts for some tips on JV-ing but most seem to be about people seeking partnerships, not just seeking advice. (and when I go past page three of my search, it pulls up all forums not just JV... might just be my computer)

Anyway, all my past investments have been cash or owner-financed, and I am currently looking at a deal now which is making me consider JV. Whether or not I pursue it for this deal, I'd like to learn more about the process.

1. Do you just have a JV agreement or do you create an entity (llc,scorp,etc) together?

2. Would you do this with someone you don't know very well, and if yes, what do you look for in a JV partner?

3. Can you write into the agreement who decides when to sell (if its long term)? If not, who does decide?

4. Anything else there is to know?

Thank you!