All Forum Posts by: Jason F

Well, in Florida, you would have to 'sell' your properties to the LLC. That would require you to deed the properties from yourself to the LLC which means closing costs, as well as some tax consequences.

This might be a problem if you have mortgages on these properties. The lender must be notified any time you 'convey title' on the property to someone else.

What is the purpose of you guys doing this? You need to consider what happens when you all have different opinions of what to do with each other's properties. Owning a portion of the LLC, you will own a portion of it's assets and so will your friends.

Why not just set up an LLC and, moving forward, use it to buy houses.

Title companies can provide you one for free. These are pretty standard.

Also, just google "REAL ESTATE PURCHASE AGREEMENT_______" . Put your state in the blank.

I don't think you should type your own up for a variety of reasons. Mainly because the seller (or buyer) whichever you are not, will take one look at it and say, "where did you get this?". If you say "ABC Title Company on 43rd St" you are going to make them feel much more comfortable than saying "oh, I typed it up myself".

There are a lot of places to get contracts, especially for Cali. I bet there's a realtor on here that can send you a copy of the 'board approved' contract they all use. That has checkboxes for assignable or non-assignable.

Very true Marshall. If the evidence to pull out of the stock market wasn't strong before, it sure is now.

It turns out that there are a lot of people out there that simply want a place to park their money. I'm finding a lot of people interested in holding private mortgages and even more people interested in becoming equity partners on some discount note deals. I think more and more people are going to be looking for places to park their money that aren't rentals, the stock market or rehabs.

Thanks for the reply.

Marshall, great, I appreciate the help.

Will do. I'm just basically looking for the format. You will, no doubt, need to fill in your own info.

I will forward you what I come up with.

Anyone have any sample operating agreements they have used in the past?

I'm looking for an agreement between a managing member and an equity investor in an LLC. Most likely will be splitting monthly CF by %, as well as, residual equity by % also.

Just looking for something to give me some ideas before heading to an attorney.

Thanks

Tony, I think this is just the beginning of money becoming more expensive.

The tightening of the credit market will continue to make money very hard to get.

Okay, so RE Brokers use RE Sales Coaches to motivate their Realtors (i.e. Glengary Glenn Ross)

Still a little sure how they work in the RE investment world.

Thanks Dave. Go Gators.

I've seen a lot of people on here refer to themselves as Real Estate Coaches. What exactly does that mean?

Do you make a living teaching other's about real estate? Is it a 'guru in the making' kind of thing? Is it some term used in course or something?

just wondering

I would have him go to a bank and get some kind of idea as to whether or not he is going to be approved for a 95% mortgage right now as a single guy with $15k in CC. You might just be putting your horse before your carriage (or however that saying goes)