All Forum Posts by: Drew Oberholtzer

I've only been in Los Angeles for a year, but am trying to move into real estate full-time.  I have several investment properties on the East Coast and am in the process of obtaining my sales license. I've taken all of my coursework, registered, and fingerprinted with the State of California, but still need to take the exam.  I'm interested in connecting with agents or brokers in my area (Hollywood Hills/Studio City).  I'm ambitious and ready to go.

I've only been in CA for a year, but I'm looking to expand my network locally as I've focused primarily on the East Coast, specifically Philadelphia.  My wife is an architect and we have private investment capital available, but we don't have that much experience in the CA market so we'd like to meet people involved in new construction (passive house), add value projects, as well as re-entitlement and fix and flips.  

Ana has most recently done a value add in Los Feliz.  Highly recommend.

http://akonopitskaya.com/

I've been trying to deconstruct the LLC beast and need some clarification on a few aspects of my situation.

I'd like to create a series LLC with my wife, who's an architect. We will be investing primarily in Pennsylvania, but will eventually expand to California and other parts of the country. Our strategies are a mix of buy and holds and fix and flips. We have private investors (passive), a contractor (equity partner), lawyer (equity partner - still looking), and a financial advisor (equity partner - still looking). This is where I've been hitting a roadblock. If I set up a series LLC with my wife do I have to include the equity partners as part of that LLC or can I just have a joint venture agreement set up for each property. If my wife and I form our own LLC how do we make sure our equity partners have equity if they're not part of the LLC that holds the title? For example, if I purchase a $100K house with private investor money under my LLC and partner with a contractor, lawyer, and financial advisor how do I bring them into the deal? Is a joint venture agreement enough or do they need to become partners within the LLC?

Thanks!

Drew

Has anyone established a series LLC with a joint venture agreement in place? And does it matter what state one forms the LLC in? I've listened to a bunch of the podcasts on BP (109 is great), but the LLC, Trust, JV, et cetera still seems like a lot to digest.

Daniel,

Thanks!  That was a great podcast, but a lot to digest.  

Thanks for all of the feedback.  The location is specifically Pottsville, hometown of Yuengling for those in PA.  I was shocked by the utility and sewer/water/trash expense, significantly higher than Philly where I own several buildings.  Your troubleshooting has definitely helped!  I now can tell that this is probably not a deal that I should go forward with.

Debbie,

I gotcha.  It's actually in Pennsylvania outside of Philly.  It's a working class neighborhood and yes I've been there.  I realize my profile says Los Angeles, but at $52K I don't think I could buy a few cinder blocks for that price.  The third unit is currently unoccupied, but the commercial unit hasbeen a business for ten years and the 2nd unit is a longterm tenant.  I'm still up in the air on it as it doesn't cash flow as much as I would like.

Thanks!

Brent,

It's turnkey and the neighborhood is on the better part of town.  We won't have to do any upgrades. I have to do a little more vetting of the sewer, water, trash, and heat as those expenses seem very high.  The deal does seem a bit borderline, but if I can raise rent and address the sewer, water, trash, and heat expenses the deal might fall within the $100/door range.  What do you typically shoot for?

Thanks