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THE SET UP
Set up your view by JV'S & REFERRALS and you will be able to see your entire pipeline in this horizontal layout. it'll help you always be in tune with all your deals
NEW JV
A lot of this information will come directly into your CRM via web form link or embed on your website.
- When a new JV comes in, an SMS will be sent to your Sender and workflows will start for your team
CONTACT
- JV Partner: Make sure you get their contact information correctly.
- Status: Will automatically populate based on where you are with this joint venture.
- Agreement Status: This will keep track of the drafting, signing, and return of the joint venture agreement to be signed by you and your joint venture partner.
- JV To Or From: This refers to this joint venture being a deal that you are getting from someone or given to someone else.
- Split Proposed: This will help you determine how much of a split on potential profits you should request and or give away.
- JV Partner Contact: Very important for this information to be accurate.
TIER 1
The JV partner will receive 10% of the wholesale fee if the fields below were completed properly. As the tiers go up, the JV partner must have made more contact and gathered more information from or about the seller and the property.
- Seller Name
- Seller Contact Info
- Potential Purchase Price
- Potential Reno
- Potential ARV
- Potential Rental Income
TIER 2
The JV partner will receive 20% of the wholesale fee if the fields below were completed properly.
- Contact Made
- Seller Timeline
- Seller Motivation
- Condition
- Special Features
TIER 3
The JV partner will receive 25% of the wholesale fee if the fields below were completed properly. Some of the most important information about this deal will come up on tier 3 to 5. Comparables is one of those. it'll show that the JV partner actually put some thought into this
- Property Type
- Tax
- Square Feet
- Bed
- Bath
- Comparables x3
TIER 4
The JV partner will receive 33% of the wholesale fee if the fields below were completed properly.
- Verbal Offer: It doesn't have to be written or signed simply verbalized. it'll indicate what number the seller is willing to take for the property thus making your job much easier
- Condition: days along with the next three questions will help you determine if the JV partner has actually gone into the property and taking pictures of it.
- Occupancy: a visit to the property is needed to verify this
- Flood Zone
- Default
- Occupancy
- Pictures: make sure to request pictures in order to accept a split at 33%
TIER 5
The JV partner will receive 50% of the wholesale fee if the fields below were completed properly. being the highest tier you have, make sure that you only split a deal 50/50 if the person bringing it to you has an accepted, signed purchase contract. in this scenario, you will help clear any terms on the acquisition side, but really work heavily on the DISPO side of the deal.
- Accepted Offer Amount: When you have this figure, make sure to run comparables again and fine-tune your pricing in DEALS app before moving forward.
- Agreed Closing Date: make sure this date is in line with realistic expectations from all parties. if you need to extended, use your addendum generator in DISPO app
DRAFT IT
- Draft/Send Agreement:
- Step 1 - Type of JV- to or from.
- Step 2 - Select your proposed split
- Step 3 - Confirm your Prof
SEND IT OUT!
Your JV Partner will now receive a fully executed agreement on this deal
BACK IN YOUR CRM
When signed, you will see it back in your CRM
TIPS 🎩
SPLIT CALCULATOR
- Use it to establish a fair split
WEBFORMS
- Use them on your website to bring in new JV deals
- You can find this in your Boarding App. Copy it and paste it on your site.
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