Quote from @Joel Forsythe:
@Susan Tan I think if you can clarify a few things, many on here will have detailed feedback.
1- is this spec 3plex you want to JV on the same unit you said was 11 weeks overdue and poorly done? Or is it a new property.
2- what type of "renovation" speculation leads you to go from ARV $275k to $500k+? That appears less reno and more major alteration of some sort. It only matters in my mind as to ROI of partnering with the GC, scope differences are significant, therefore experience value of a GC may matter.
3- Is/will the 3plex be held in an LLC, and is that where the JV agreement will be recorded, separate from the construction contracts? The loan would likely be made to that entity ideally.
4- Did the GC as JV outline construction contract type for budgetary accounting?
1. This is a 2nd GC who is interested in doing additional renovations on the same above mentioned 3plex.
2. I plan to fix foundation, do roof replacements on both structures, do bathroom remodels across 2 bathrooms, new flooring, electrical repairs, add fence & gate, more landscaping.
3. 3plex is held in a LLC of mine.
4. What does that mean? What does T&M, MU mean?
