How to avoid being screwed?
Have a solid proposal for a small retail real estate development. There's a couple of local real estate developers in the area that specialize in the type of project I have in mind.
Since I don't have the cash or expertise, I want to see if they would individually be interested in a joint venture. Its my idea, I can bring a little cash to the table, and would be happy to take lead on the project. As a banker, I can really help with the financing piece.
Highly doubt asking to sign an NDA would be the best way to start a relationship.
Is there a way to protect my ass?
What's a fair, logical, and equitable way to structure a partnership in this case?
Do you currently own the property? Or do you have control of it yet and have it under contract? That would be the first step before approaching a developer to partner with.
Submitted an offer, but I think the Seller was turned off by 100% seller financing and longer than average DD period.
Don't think the Seller is taking me seriously, but would obviously be another story with a known RE developer.
Are you using a broker? Or just submitting it directly? Was it on the market or off-market? If it's on the market and listed, then the seller would have no interest in financing your purchase since they want to just sell it....
If it's listed by a broker, it would help having a reputable broker represent you and give you some credibility and help facilitate the transaction and help you (and even the seller) understand the necessary DD period.
PM me and I can give you some more guidance. I was a retail/land broker for 9 years.
Justed PMed you.
Thanks for making WSO such a great place.
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