when partnering with people on a Joint Venture deal make sure to thoroughly layout all aspects of the companies operations and ensure that a clear understanding is made as to who will oversee what. taking the time to find the right partners can go a long way when the going gets tough or feelings get hurt. initially the deal involved partnering with a hands off venture capitol group but luckily an owner of a nearby carwash offered to go in on the deal instead and provided his industry expertiseDid you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Investing in New Builds: Considerations and ProcessNew Build Investment Options:Build and Sell (Fix and Flip):Pros: Potential for high profits with modern appeal.Cons: Requires significant upfront investment and market risks.Build and Hold (Long-term Rental):Pros: Attracts quality tenants, potential for higher rental income.Cons: High initial costs, market fluctuations.Process Overview:Market Research: Identify high-demand areas.Land Acquisition: Purchase suitable land.Design and Planning: Work with architects and obtain permits.Construction: Oversee build quality and manage costs.Marketing (Fix and Flip): Highlight new features to attract buyers.Tenant Management (Rental): Implement thorough screening processes.Advice:Educate Yourself: Understand local regulations and market dynamics.Risk Management: Prepare for potential delays and cost overruns.If you have any other questions/just want to discuss feel free to reach out to me directly!

You can also consult with your tax preparer.

Alongside my two partners, we are venturing into the realm of new construction projects in the US.As we embark on this exciting journey, we are eager to connect with fellow entrepreneurs and seasoned professionals who have experience in new construction.

It got me to the point where I could take risks in other people's start up ventures, think about a second home, dabble in outside of apartments and into strip malls, etc...

I have no experience in real estate and have no mentor so I joined to grow my knowledge and better prepare for the journey I'm about to start.

You could also consider a joint venture with someone who has the necessary experience, or see if the builder is willing to act as a guarantor.

Take the time to prepare for major expenses, whether that comes from your dayjob, some small side hustle, or a startup you're grinding on day and night.I sold one company and started another before getting back into real estate recently.

My ultimate goal is utilize the BRRRR strategy in acquiring a property in Philly, this would be a out of state venture for me.

Can you provide a sample payoff letter you prepare or have received from your PML?