JV Agreements Made Easy: No Sweat, Just Sign!
Yo, what’s up, fam? Today, we’re diving straight into the nitty-gritty of filling out a JV agreement – and trust me, it’s super simple! I’ll walk you through the main template we use, so you can get it all legit without breaking a sweat. We’re talking about what to slap down on paper: your LLC, dates, profits, and all that jazz. By the end, you’ll be ready to snag those deals like a pro. So, let’s roll and get you set up for success!
How to Fill Out a JV Agreement in MINUTES! 📝 (No Legal Help Needed)
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Alright, folks! Nathan Payne is in the house, and he’s about to drop some serious knowledge on us. Today, we’re diving into the nitty-gritty of filling out a Joint Venture (JV) agreement for real estate deals. If you’ve ever felt lost in paperwork, don’t sweat it! Nathan breaks it down so simply that even your grandma could do it (no offense, grandma). He starts by showing us the main template that’s basically his go-to for these agreements. The first step? Pop your LLC name in there and jot down how many days you’re agreeing to work with another wholesaler. Easy peasy, right?
Then, Nathan gets into the meaty stuff – like how to deal with the purchase price. If the other wholesaler has a contract for, say, $50,000, you’d just split the profit however you both agree, whether it’s 50/50 or maybe you’re feeling generous with an 80/20 split. He’s got all the angles covered, like if you wanna do a straight-up deal without the split, just write down what you agreed with the seller. It’s all about keeping it legit and straightforward. By the end of the episode, you’ll be ready to tackle those deals like a pro. Let’s get out there and make some money!
Takeaways:
- Filling out a JV agreement is super easy, just follow the simple steps we laid out.
- You need to put your LLC name and the date to keep things legit and official.
- Splitting profits can be flexible, whether it's 50/50 or whatever you both agree on.
- Always make sure to sign and date everything, keep those docs in order for smooth sailing.
- If you don't do a split, just agree on a minimum price and keep the rest, simple as that.
- Don’t stress it; once you get the hang of it, paperwork becomes a breeze!
Transcript
Everybody, what's going on?
Speaker A:It's Nathan Payne.
Speaker A:I wanted to start today by showing you guys how to fill out the paperwork for a JV agreement.
Speaker A:It's very easy.
Speaker A:This is the main real estate or JV template that we use.
Speaker A:You fill out your LLC here.
Speaker A:How many days you're going to agree with other wholesaler to be able to move their deal.
Speaker A:The day's date, your LLC name.
Speaker A:This is to make it legit.
Speaker A:We've never had to put money down.
Speaker A:If they do need it at the time title company payable to the other wholesaler has the contract towards the purchase price.
Speaker A:Now this would be the price that the other wholesaler has it under contract for.
Speaker A:50,000, if that's what they have it under contract for.
Speaker A:And then you guys would split the profit of that deal.
Speaker A:70, 30, 50, 50, 80, 20, whatever you agree on.
Speaker A:And the next part you just put again the period of days that you have to sell the property, property address and it says the seller agrees to a 50, 50, SP split, 70, 30, whatever, up proceeds over and above price with your real estate company, llc, which would be whatever your LLC is called.
Speaker A:Now if you're not doing a split, then you could erase this and say I've agreed with seller to make whatever is on top of 6, 60,000.
Speaker A:Let's say they have a 50.
Speaker A:They say hey, I want to make at least 10, so anything above 60 you can keep.
Speaker A:So you'd put 60 and then you write, instead of the split you would just say, hey, seller has agreed.
Speaker A:We could make anything on top of 60,000.
Speaker A:You'd sign your name, your LLC date and then you would have the other wholesaler signed.
Speaker A:Very easy, very plain.
Speaker A:Here it is.
Speaker A:Alright guys, let's go get some deals.
