All Forum Posts by: George Plasencia

Don't take someone else's money until you have actual, first hand experience. You don't know what you are doing yet and have not proven yourself to be a good operator. It's not a good idea to get an on the job education paid for by a family member. If you have a rich uncle or parent that just wants to help you out, sure, go for it, but if a family member is diverting money from savings or another investment to purchase real estate with you, that's a bad idea. 

Would you give your money to someone that posted in an online forum "I am lost and idk where to start?" I would venture to guess that the answer to that would be no, and until that changes, you don't need to take money from anyone, much less a family member.

Hello @George Plasencia,

Looks like you have your strategy somewhat figured out but you're mainly concerned with getting a solid operating agreement and corporation formation so that all parties involved know what to expect now and in the future.

Two powerful contacts at this stage would be an attorney and an accountant. There are other professionals who can help here but these would be my go-to people.

You can jump on legal zoom and create an LLC for a fraction of what an attorney or accountant would charge but I don't necessarily recommend that here. Seems like you want someone who can help you paint the big picture regarding entity formation/structure and overall direction of the partnership.

Some RE accountants even specialize in working on partnerships and syndications!

All the best to you on your next steps!

Abel

@George Plasencia Many ways to get started, but a few more questions should be answered before how do I start a fund. What's your goal? Please reach out, love chatting real estate.

@George Plasencia Many ways to get started, but a few more questions should be answered before how do I start a fund. What's your goal? Please reach out, love chatting real estate.