All Forum Posts by: Brian Giles

@Jerome Myers

Thank you Jerome. So easiest thing to do is to draw up an new entity for the 4 of us. Spread the deal equally and keep on moving. Now later down the road if we need to raise more capital. Would we just do promissory notes? Also, do most developers want equity or just a pay check in the deal or is that something we can negotiate if needed?

The soil is now getting tested and the utilities company is getting called. All of us have separated out parts and right now it’s running smooth. But, we are just doing our due diligence right now we haven’t broke ground yet.

BP Family, 

I need advice for setting up correct contract for a real estate deal between 3-4 people equally? 

Background: We are purchasing raw land soon, want to develop 15 quadplexes over the next 3-7 yrs. Our due diligence is in the works. It is zoned for multi-properties. My partner and myself have already formed an LLC on other deals we have. Can we or should we do a Joint Venture or Syndication attached to our LLC or should we start a fresh deal between the 4 of us? If so, what type of terms would you recommend for such a long process? We are not developers, we are going to find and hire them. So they will not be part of the initial set up. Unless we decide to negotiate equity later. I understand this is new territory for us with raw land and developing, any guidance can help. As of now I'am just looking for basic information and best way to go.

Thank you BP Fam.