All Forum Posts by: Eric Ketelsen

Thank you Michael.

I figured this was the case.  I appreciate the confirmation.  If you can help with the initial post that would be great but if not, I really appreciate your time.

Eric

Thanks Joel!

I have a complete package of legal contracts for an angel investor I had 10 years ago for a regular business which I use as templates.  These contracts cost us over 25K as they were from a silicon valley legal firm.

If I only have 3-5 investors do I need to go the full blown SEC syndication route? Do I even need a syndication? Why not just a LLC with a few members who own shares?

Thanks I'll check out your podcast #47

Eric

I'm creating a real estate investment company focused on multifamily properties (5-15 units) that pencil. I'll manage everything- the rehab and property manage- anything an asset manager would do with a "hands on" type of personality. I have a few investors that have instilled trust in me. 

I want to confirm that I have all the required Docs and contracts to make Absolutly sure these syndications are professional and protected.  I'm seeking input from the bigger pockets community as to what I or any aspiring real estate investor needs to bring in a group of investors, purchase a multifamily property, rehab it, refinance it with holding periods of 3-7 years.

This is what I have now: 

Investment Prospectus -(the investment summary)

Business Plan- (simple and clean- 35-40 pages)

PPM - (private placement memorandum)

Investment agreement - (Do I need this if I have the Operating agreement?)

LLC Operating agreement

Investments agreement Receipt - (proof of your investment)

Promissory note (if needed)

I don't need legal advise. my father is a retired attorney.  I'm looking for the missing parts from the entrepreneurial side.  I'm looking for what Docs the community uses.  I truly appreciate any help and or guidance. 

Thank you for your time,

Eric Ketelsen

@DanielHyman   What is a OOS?  Owner Occup S?

@Gregfoley

I remember hearing that Robert (rich Dad Poor dad) never knows the value of his properties and doesn't care due to focusing more about the NOI. I think the bay area and the outskirts are expensive and can tie up a lot of capital but if the rents are high enough to cover the mortgage/debt there are still good deals to be found especially if the subjects are run down and you can Value add some of the properties. Can you send me some info your services? Thanks

Eric

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Dixon.

Purchase price: $418,000
Cash invested: $50,000

I purchased a duplex rehab'd it with my team and rented it out. It now cash flows $500 a month. I'm looking for another deal.

What made you interested in investing in this type of deal?

Working on establishing Assets that kick out cash flow. It's simple, fun and a great way to have wealth work for me/you.

How did you find this deal and how did you negotiate it?

I'm a real estate agent.

How did you finance this deal?

FHA 3% down. I used to be a loan office. We structured it so my wife purchased the home.

How did you add value to the deal?

a complete rehab. I love woodworking and worked on the fun stuff while My team rehab'd everything else. That being said, I did a lot more than most and more than my team. I live in it while I worked on it. Owner Occupied loan. Eventually I'll place it in a LLC once I get a few more.

What was the outcome?

A dump when I purchased it and now it's a gem and everything is replaced for a no hassle rental.

Lessons learned? Challenges?

Don't do everything yourself. Outsource and get help.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

ME!