All Forum Posts by: Ian Clayton

Agreed. We both have attorneys on the task. Just looking for some real first hand knowledge of people who've worked in these kinds of partnerships.

I am forming a partnership with a money partner that wants to partner with us to do residential rehab/re-sells and commercial multi-unit re-positioning. We will be selecting opportunities that provide transaction income at first and moving towards wealth building/holding with a split ownership of any properties that we hold.

I'm looking for input on guidelines for shaping the terms of the partnership agreement. The operating agreement for the new entity is handled. I'm looking for ideas, suggestions on shaping the terms of the partnership and the divorce.

-The entity will be made up of his S-corp and my LLC.
-I will be the managing partner finding the deals and managing their completion from start to finish.
- He is 900 mile away from me and the area that we will be investing in
- He has nearly zero experience in real estate
- The new entity's bank account will be furnished 100% with his capital for investing
- I will keep 25-40k cash on hand for buffer to cover for screw ups, cost and expenses that I should eat
- The Split of all proceeds is already decided
- He maintains ownership of the initial capital infusion

How do we provide protection for him on the joint bank account so that I don't just make a large withdrawal and go on a bender? Double signature checks can easily be forged and cashed and would add significant logistical problems for operating on the ground during rehabs.

The pieces that I need help shaping is language around the divorce, roles and responsibilities, losses, his initial capital investment, etc and all the other things that I am ignorant to.

Thanks for any input that you can offer. If you have any examples of partnerships like this that I can model or any personal experience that you can reference, that would be very helpful.

Thank you.

Ian

Although I would love the event to be in new areas... I am more interested in the content and that the event is a success for the bigger pockets team.

Putting on a quality event "on the road" significantly complicates the logistics and the risk for event owner/organizers.

For a young event, with the organization mostly centralized on one person, I vote for whatever location best ensures the success and profitability of the event.

Keeping it close to home for now helps keep the costs, risks and headaches down.

Just my .02

Ian

Yes. I am seeing it here in NorthEast GA.

In fact the banks rehabbed and sold 2 properties in my own neighborhood. Just light stuff through. One was just paint and carpet. Another involved a new garage door, a couple of windows, some serious landscaping and paint and carpet.

I found out that it was the bank by talking to the contractors. two different banks.

Tak, it was great meeting you and spending time with you in Denver. Wendy and I really admire the diversification of your investing in different countries. Thanks for sharing your insights and knowledge. You are such a fantastic asset to the Bigger Pockets community.

Excited! These two days are going to be fantastic. Can't wait to meet everyone.

Ian and Wendy

I just sent my info as well. Even if I can't be include don everyone else's list, it would be great to receive a copy so that I can reach out to them.

Thank you for all of your work on this.

Ian

We're booked and registered for the boot camps ! !

Can't wait!

To anyone else that is thinking about it, do what ever it takes to make it happen.

See you there !

Ian
See you there everybody

Thank you. We will register today.

Ian

My wife and I would like to attend this event, but the availability of these two boot camps is a deciding factor. I can't find anything that clearly says if they are still available within the first 200 people or not.

I'm prepare to register both of us today.

Thanks.

Ian