Hi guys,
I have not found anyone addressing this yet, so I will just throw this out there. I have a HO who I have been talking to over a period of around 1 month or more about her circumstances with her house. She was not behind in payments yet, but was soon to be behind in payments. Since it was a high end home, (850K), I did not consider it as an investor type of property. I was thinking of doing a short sale, then use a listing agent to find end buyer at a discount price below FMV.
After multiple conversations and 2 visits, I brought in an investor from my association. We agreed to do a 50/50 split on the net proceeds, and that I would take care of dealings with the HO and he would deal with the bank. The only problem is, we can’t seem to find a contractual agreement that works for both of us. We both have LLC’s, but he does not want to create a new LLC, so he is proposing I sign an agreement with his co. as a referral fee, at a 50/50 split. My atty is going nuts, he thinks we should form a new LLC, even if for a one time event, for protection, but the other party doesn’ :bangheadt want to do that. Please suggest if anyone has a better idea on how to structure this.
Thanks in advance! :banghead
Do you need a new partner?
Why, where are you located? I am now putting together a partnership agreement between 2 LLC’s. If that doesn’t work we’ll have to let the attys duke it out! :biggrin
Partnership or joint venture agreement between the LLC’s should work fine.
I’m in Maryland.
one time joint venture should be good…
I just sent you a PM.