All Forum Posts by: Brian Dombrowski

@Gabriel Amedee
Hi Gabe. Thanks for the reply. The OA you describe for the LLC is actually what I'm interested in seeing. We have a rough draft one as of Friday, but I want something to compare it with, and we are supposed to close the end of this week (yikes.) I would be grateful if you are willing to share your OA text .... w/ identities removed of course.

Many Thanks,

Brian

Hi Mitchell,

Thanks for the timely reply. FWIW, the approach being shown to me in this deal isn't that of a hard money loan, but creating a new LLC to close on the property (wants to close in a week actually) that will have several individuals owning a share in this LLC proportionate to their capital stake. There are lots of terms in some of the draft wording he showed me that protect both the individual and the LLC from individuals. I just have nothing to compare it to yet for a reference that holds water legally in FL. Maybe I need to scramble to find a RE attorney by Monday.

-Brian

I have an opportunity to take a stake in a $1M flip in Miami.   It's being lead by a friend who owns a construction company there.   He negotiated a good acquisition that never hit the market.  His company will be doing the renovations.  

About five individuals will have a capital stake in this flip. Does anyone have recent direct experience in a deal like this that can share what the wording of the agreement and the LLC should look like in FL? I have to believe this is very common. I just haven't done this before myself, and want to see what others have done before me.

A grateful thanks in advance for any shares or pointers.

-Brian