Hey everyone,
I'm a 28 yr. old yet-to-be investor. I've been wanting to get a start in real estate investment for the last 4 years but needed time to build up capital, knowledge, and a like minded network. I am now at a point where I may consider a JV to get started and this is what I'm considering:
This joint venture would consist of myself and 2 partners plus a money man/woman. A property will be purchased, likely stripped to the framing, and renovated to sell or tenant and hold until selling conditions are optimal. My thinking is a side by side town home would be best where we can create a mortgage helper per side and sell the each side individually. I am looking mostly in Surrey, Maple Ridge, or Coquitlam. The money man/woman will put up the down payment (20% or purchase price) and closing costs. Myself and two partners will carry out and fund the renovations. We will want 50% ownership.
I am a skilled painter with 4 years of experience painting everything from new 6 million dollar custom homes to commercial spaces.
I have a close friend who is a contractor and finishing carpenter by trade. He has experience doing a flip of his own and also purchased a distressed property, (only the foundation was poured) which he and 3 partners built into a custom home that sold for 5.5 million dollars.
I have another close friend who is an electrician and owns his own electrical company. He is also very interested in getting started with real estate investing and looks at this to be a good opportunity to build capital.
We three would perform the renovations, hiring sub-contractors where necessary and would carry the costs as part of our investment.
I will personally find the property. I have been working with a realtor for 3 years who understands what I am looking for in a property and has been excellent at sourcing quality listings to date. I will also personally manage it should we be holding the property for any length of time.
I'd love any insight!
Thanks in Advance
I'm a 28 yr. old yet-to-be investor. I've been wanting to get a start in real estate investment for the last 4 years but needed time to build up capital, knowledge, and a like minded network. I am now at a point where I may consider a JV to get started and this is what I'm considering:
This joint venture would consist of myself and 2 partners plus a money man/woman. A property will be purchased, likely stripped to the framing, and renovated to sell or tenant and hold until selling conditions are optimal. My thinking is a side by side town home would be best where we can create a mortgage helper per side and sell the each side individually. I am looking mostly in Surrey, Maple Ridge, or Coquitlam. The money man/woman will put up the down payment (20% or purchase price) and closing costs. Myself and two partners will carry out and fund the renovations. We will want 50% ownership.
I am a skilled painter with 4 years of experience painting everything from new 6 million dollar custom homes to commercial spaces.
I have a close friend who is a contractor and finishing carpenter by trade. He has experience doing a flip of his own and also purchased a distressed property, (only the foundation was poured) which he and 3 partners built into a custom home that sold for 5.5 million dollars.
I have another close friend who is an electrician and owns his own electrical company. He is also very interested in getting started with real estate investing and looks at this to be a good opportunity to build capital.
We three would perform the renovations, hiring sub-contractors where necessary and would carry the costs as part of our investment.
I will personally find the property. I have been working with a realtor for 3 years who understands what I am looking for in a property and has been excellent at sourcing quality listings to date. I will also personally manage it should we be holding the property for any length of time.
I'd love any insight!
Thanks in Advance