Would this be considered a fair JV?

  • BrandonAmbrose

    Status: REIN™ Member

    Posts: 11
    Joined: 3 May 2012
    From: Edmonton

       Hi, thanks for your time. I am very new to REIN and would like some feed back on a deal i did this past year.

    I contributed 30K and my partner contributed 3k+a 10k gift from his parents. My partner and i are young and self employed so when it came down to the last condition day we were denied financing. My partner was able to get his parents to co sign for him to get the deal done but i ended up not being on the mortgage so i couldn't be on title. Both of us are being the "experts" in the deal, working together to make the property cashflowing but now there is some mixed feelings on how the partnership should be weighted.

    We never got anything in writing before the deal however the original idea was that we were going to be 50/50 owners in the property. Now when im pushing to get some paperwork done to secure my equity my partner believes his access to credit out weights my cash contribution. Whats your guy's thoughts? would this still be a fair 50/50 split? i dont want to screw anyone but i want to get some JV papers in the process because right now im venerable and loosing sleep over it. We did this deal in january and my partner has been dodging the idea of signing anything and its making me more and more nervous.

    I would really appreciate your experienced opinion.
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