My JV partner said he never signs anything until he's heard the seller's voice twice
Had a call with him Thursday about a potential deal in Massillon, maybe six miles from where my fourplex sits. He said most deals fall apart at the seller, not the buyer, and he won't touch a JV until he's personally talked to the seller at least twice because the second conversation is where the real story comes out. The first call they tell you what they think you want to hear, the second one they tell you why they actually need out. I've been on the buyer side of a few JVs where the seller flaked in week three and I always assumed it was a contract problem or a pricing problem. Now I'm wondering if the person who tied it up ever really confirmed the seller's motivation before they brought a partner in. Sitting here with cash from my Canton sale and I'm trying to figure out whether that two-call standard is something I should require before I wire any assignment fee or agree to any split.