@JohnGesa Still not bad at Prime - .5 to .9 though. They are calling for rates to stay steady over the winter
Often, when considering a joint venture partnership, investors can become overwhelmed, thinking first of all the work involved with forming a joint venture partnership. In conversations with investors about JV partnerships, I will inevitably hear them say "I would have no idea where to start when searching for a partner". Little do they know there are many places one can start their search that are free, low-cost and already at their fingertips! Here are a couple of examples.
Networking
If you have been in the real estate investing game for some time, you may already have a good network of other investors built up. If not, it's a good idea to start building your network as soon as possible - after all, there's a saying in real estate: Your Network = Your Net Worth. With an established network, your search for a real estate joint venture partner will be much easier because you already have a pool of people you know, like and trust in your immediate sphere.
A great way to build your network is by getting involved with organizations like REIN (The Real Estate Investment Network), The Versatile Investor Pro Club, Meetup groups and other investing organizations, created to help you network and learn. Many of these organizations have websites with forums, where you can mix and mingle with other investors (or even put a call out for a joint venture partner straight away) to cut down the selection process.
Online Matching Services
A simple Internet search will pull up a number of online "match making" services. For a fee, you can register with these sites and fill out a profile. Then the company will match you with a relevant partner. The effectiveness of these sites depends greatly on those running the sites, so in some cases your money could be better spent getting a REIN membership, but there are some gems out there.
Family and Friends
Of course, when embarking on a new venture, you can always turn to those you already know - your family and friends. Many people will approach parents or siblings to get started, which in some cases can be a great alternative to partnering with strangers. In other cases, a joint venture with a close friend or family member means inter-family strife or the end of a friendship. Proceed with extreme caution when partnering with friends or family for real estate investing. Before you even begin, imagine the partnership goes pear-shaped. What would be the effect on your friendship or your relationship with that person? Is it a relationship you would be willing to sacrifice? Consider these points carefully before partnering with a family member or friend for an investment.
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written by Neil Uttamsingh, January 29, 2010
What are your thoughts on the following.
Some people start to JV with family and or close friends, and they don't have an official JV agreement in writing.
Do you think that there are cases where this works? Or do you think that family and friends should always have written JV agreements?
Onwards and Upwards,
Neil.
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written by Dan Field, January 29, 2010
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written by Mark Loeffler, February 02, 2010
Good question, Neil!
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Great minds think alike.
Perfect timing with this article.
I will be linking it to my blog tonight.
Best Regards,
Neil