At some point in time you will enter into an agreement via Joint Venture or perhaps and LLC. What you need to know your lawyer will tell you, but, there is no better teacher than experience. I ignored my wife (she's not an atty, but there's not one that could ever win an argument with her!) and it's cost me dearly.
I can't share many details, in fact, none, but for now, I have 2 suggestions, and at some later point, perhaps I'll go into more detail on what to avoid.
#1: When you enter into business with someone, whether through a Joint Venture or perhaps an LLC, make DARN sure you understand WHO you are dealing with in every way - in short, you're going to be legally married without the benefits and with all the hardships that can come with marriage. Again, I will give examples some day, but not here, now. Suffice it to say that this lesson, in 2007, will cost me close to $80,000 on one deal and I don't know, we'll see, but perhaps close to $1,250,000 on another. Ok, Ok, I got it!
#2: When you HIRE a broker or real estate agent, make sure you are comfortable with them, their abilities and make sure you keep and stick to deadlines and they do the same. A contract is a contract for a reason. They are not meant to be broken by either side. If it is, it's null/void. Period.
OK...Like any business, real estate has its warts. I've said that once and I'll say it many more times - BUT, you get paid very well to handle them and deal with them.
That part I like. More to come in a few days.
Now, Go Make an Offer(TM)!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
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