Not that I am an expert…nor actually do not think they exist…However over the weekend had 2 messages from Facebook….not phone calls…not…lets meet for a coffee…not let me show you what I have done….I got a message from a gent looking for only 25 million for a project…Never spoke to him…never met him…Did not build up a track record with him…Just a couple of facebook messages…This was the wrong way to attempt a JV.
I work with some local Manchester property investors. Our first deal was a simply buy to let. Now we are looking at 2 projects which are at close to 1 million GBP each. We built up confidence in each other. Communication is paramount. It takes only a couple of seconds/minutes to answer a whatsup…or email…Even if busy…a simple …I will get back to later works.
I have tried to work with some others in Greater Manchester or even Liverpool. We met…showed me around…I followed up and never heard from them. Actually was at a local PIN and saw one of the gents…I asked…I called you…I emailed you…never heard from you…His response was call me on Monday…Do you really think I called him this morning?
Having a JV partner is like a marriage…you both have to bring to the table…there has to be trust…a JV agreement…both parties secure. Relationships are cultivated not love at first site…
My two pence!
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