Seeking Joint Venture in Tennessee - Posted by Rob Ricker

import · March 4, 2003, 3:08pm

Posted by Rob Ricker on March 04, 2003 at 21:48:54:

Thanks for the advise. I really appreciate it.

import · March 4, 2003, 3:08pm

Posted by Rob Ricker on March 04, 2003 at 16:08:31:

I want to do a joint venture to buy a duplex. Listed to sell for $76,000, will offer $69,000 - Partner will be owner occupant on oneside and 50% owner (will pay 1/2 of payment). I will be 50% owner/investor through a newly formed corporation (Rent for $385) . I figured PITI at 6% to be $490/mo ($245 each). Vacancies in this area are almost non-existent. Is this scenario marketable to lenders? Will we receive owner occupant rates or investor rates?

import · October 20, 2006, 5:23pm

Re: Seeking Joint Venture in Tennessee - Posted by Daphne Brotherwood

Posted by Daphne Brotherwood on October 20, 2006 at 17:23:51:

Hello:

I know this is an older post, but I am curious to learn if you ever found a partner to invest with you. I have just found this web site because my husband and I are looking for a partner to build a duplex on our lot. The builder/partner/investor will own one side and we will own the other. They can live in it, rent it or sell it. We have a 3/4 acre waterfront lot on Mobile Bay at the end of the Fort Morgan peninsula. We are in a little community with about two upscale duplex units on the beach side and two lots (one is ours) on the bay side of Fort Morgan Road. Our community has a pool, and a boardwalk to our private beach on the gulf side of the road and a 325 ft pier adjacent to our lot on the bay side. If you have any interest please drop me a line. But I’d be interested to learn about your experience in finding a duplex partner.

Thanks for your time,

DB

import · March 4, 2003, 5:13pm

Re: Seeking Joint Venture in Tennessee - Posted by Charles Clark

Posted by Charles Clark on March 04, 2003 at 18:13:45:

If the partner that lives in one side of the duplex gets the loan, it will be at owner occupied rates. You can be co-borrowers for some lenders, so that might be a more fair way of doing things. You can put the loan property in a corporation after the loans are made, no problem with any lender that I deal with.
By the way, try to get seller concessions to pay closing costs, as your loan will be based on the lower of sales price or of appraised value.
Charles