All Forum Posts by: Guillermo Kennedy

Hello All!

My business partner and I already set up an LLC and we are looking to start acquiring RE with two other individuals through a joint venture type setup. HOWEVER, want to avoid/minimize setting up a new company and filing additional LLC and other related documents (want to avoid extra work additional docs would create). All agreed that we would much rather use our company as the front man (if you will) and then use a viable agreement/contract to list purpose, profit allocation, rights (including voting) and obligations of persons under agreement, amendment and dissolution criteria, and duration of joint venture. Is there any other legally binding agreement that could be used to achieve this without having to file for a new LLC or partnership thus creating a whole new set of paperwork and fees?

Hopefully I haven't confused folks or given anyone a headache!

Thanks!

Wow!  This is great information!

@Troy Gandee Thanks for the information.  I will definitely give them a call.  Even if it doesn't pan out I should be able to gain some information as to what specific steps SC requires in these type of situations.  All about the journey...Thanks again! 

@John Underwood Apologies for the late response, John and thanks for the reply - much appreciated!  This is in Darlington County, SC.

Hello BPers!

I have a motivated seller interested in selling their(?) land in SC.  Potential seller has been paying taxes on land that belonged to a long deceased relative.  The issue is that the motivated seller is a heir of the deceased but does not have title to the land as it was never part of a will or deeded over to any of the deceased's heirs.  Does anyone know what needs to be done to get the property deeded over to the motivated seller and siblings so that we can pursue the purchase of this land?  Any information or guidance would be greatly appreciated!  I would love to help the potential seller as it appears that this has been an issue for them for quite some time.

Thanks!

Hello - apologies for not getting back to you sooner.  You can give Jonathan Maritnez a call (201) 286 8319.  You can tell him you were ultimately referred by Marc Weisi (which is who referred Jonathan to me).  Let me know how it goes! 

WOW!  This is why I LOVE the BP community!  The responses are awesome, informative, and greatly appreciated!  

@Account Closed For me, this would be a reintroduction into real estate investing. My first foray didn't end as successfully as I would have liked, however, was definitely a learning experience (my BP bio has a high level walkthrough of my initial experience with real estate investing). The family members involved are more seasoned than I and within that group some moreso than others. And yes, we are looking to combine capital along with hard money (or private) to acquire property(ies). Our main focus is the BRRRR strategy, however, the rehab and refinance appears to be an issue. Looking to secure funds from a bank or HML on a property of $30k or less seems to be quite the challenge. If you have any advice/information/recommendations on this I would love to hear it!

Jeff (can I call you Jeff?), would definitely love to touch base with you.  First and foremost you are from Boston (New Englanders are awesome!) and second am very impressed with you and your family's acquisition (and I would imagine successful management) of 28 units in 2.5 years!  That is quite an achievement!  Very interested in hearing how you achieved this.  

@Bob Prisco Well, if this statement isn't like a double espresso shot in the morning to get you up and going I don't know what is!  Motivation style is different but I get it, I get it!  Appreciate the virtual kick in the pants!  I see you have a lot of experience in Cleveland, OH RE market.  Your statement holds true - a team is needed to be successful in Cleveland, OH or any market for that matter.  Will definitely keep your name on my shortlist as someone I should speak with as we will need seasoned veterans to help us navigate this market.  

@Tom Ott Thanks for pin pointing the type of area we should invest in - it definitely helps to lockdown the type of area you should invest in.  Helps to focus our efforts.  I see that you raise equity and provide turnkey properties as well.  Could you elaborate as to what areas you do this in and a little bit about both (I've read about both but never turn down the opportunity to hear from someone who actually does it - may learn something new!)?

@James Wise Talk about drinking from a fire hose!!!  WOW!  You provided a ton of information - THANK YOU!  That is awesome!  I also got a chance to check out your youtube channel which has a ton of great information and videos.  You are one gutsy guy, fashioned out of brass they are - new sub!

@Carl Zingle Thanks for thanking James?

@Federico Gutierrez Appreciate that information. When starting out, many (including me) want to get in and secure as many doors as possible within a short time period (fell into that trap my 1st time I got into real estate and paid DEARLY for it!) to leave current job, secure financial freedom faster, bragging rights, prove something to ourselves or even others. In some cases, quality over quantity is the way to go. And SFR with sewage and water costs passed onto tenants - got it! Is this standard language on a normal lease agreement in Cleveland is will this language have to be added to lease? Also, is this the norm for Cleveland tenants to pay sewer and water costs?

Thank you all for this information - this is why I LOVE BP!!!  An awesome, highly knowledgeable, and open community willing to share information and provide guidance to all who ask. Hopefully, no one will object to me reaching out in the near future with questions?

Stay awesome, folks!

I've been speaking with family members regarding buy and hold strategies and Cleveland, OH has come up a few times (they are not from the area).  Can BPers who have invested in or have first hand knowledge (second hand can work as well...) give any advice on investing in Cleveland, OH?  What are the places that are are poised for growth (and merit investment), areas that are already up and coming, and areas that are considered hot markets?  What areas are probably not ideal for a newbie investor?  And is buy and hold a sensible strategy for the Cleveland market or is fix 'n' flip a better angle?  Thanks!

@Jonathan Curcio thanks for the recommendation.  Much appreciated!

Hello fellow BPers!

A potential partner and I are looking to JV on a fix 'n' flip in Essex County, NJ. Looking for an investor friendly real estate attorney who can help partner and I determine which is best route to JV. Should we both create individual LLCs and then have the individual LLCs form a JV? Is it better for both parties to form one LLC? What are other options? Pros and cons of each? Want to make sure that we chose the best possible (and cost effective) business structure to maximize benefits, reduce tax liabilities, and offer best protection of personal assets for both parties. We would also want someone who can represent us in REI transactions. Any suggestions would be greatly appreciated!

Thanks!