All Forum Posts by: Jonathan Jewell

Speaking of syndication attorneys.  I did speak to a well known one out in CA (Not naming names), and it was really not a good overall experience.  Basically was told I had to do all the marketing, and all the contacting of potential investors, set up the websites etc.  I then asked what exactly then does the $15k fee I'm paying cover if I'm doing most of the work????   Answer was the fee was to file the 506c paperwork because its really complex and time consuming.  Just completely turned me off.  But reading through this thread got me interested again,

@Michael Le  No Michael, your misunderstanding me.  The particular signed contract deal I'm referring to is the result of a private money lender flaking on me.  I did not go into the deal wanting to syndicate and not knowing how, then scrambling to learn how.  That would just be absurd.  What I was asking Joseph is HOW do you syndicate, (The steps), so moving forward on future deals, I don't have these financing issues.    However you did bring to light another question.  Where do you find a good, knows his or hers stuff syndication attorney?  Finding a good attorney is difficult enough.  This is a niche law practice so is   there a directory or list of attorneys that specifically do this sort of thing

@Joseph Bramante  Hi Joseph.  My question is HOW do you do syndication's without winding up in prison.  If I knew how-tos of pooling money like that, I know I would have at least 6 multi-family already that I made offers on.  I have a signed contract deal right now that's slowly slipping away.  

Hey fellow BP'ers .  I really could you some sound experience and advice on this one.   Still have this multi-unit in the pipeline.  I have a seller willing to hold a short term note (12 months)  was going to do a lease purchase since I am short on down payment funds.  Was hoping to do this as a purchase instead of a lease purchase but seller said If we transfer title with only 10% down. $33,290 (Sale price 332,900)   that he would have to pay capital gains tax on the full amount.   1)  Is this accurate?   2) Is there any way around this.?   I want to pull the trigger on this deal, but I'm really concerned that I wont be able to come up with additional down money at end of term.  If I did as a purchase, then it would be a simple cash/out refi.  I'm thinking I may just have to walk away on this one, and chalk my deposit up as lesson learned

Thoughts on what do do anyone?

Lease to purchase agreement

@Jason D. Partnerships are like marriages, You really got to trust one another and as you know that takes time. I did the partnership thing when I was rehabbing more than one SFR on a few deals. Not my cup of tea per se. I think I'm going to bite the bullet, cash in a CD or 2 which I really didnt want to do and finalize this.

@Mindy Jensen  This is an excellent question!!!   It has crossed my mind recently, and I almost feel guilty thinking about it, but life is life and these things happen.  I'm glad this was put out there, looking forward to the responses

The property is owned free and clear.  Its was left in an inheritance, no mortgage.  

@Andrew Johnson As always I appreciate your input.  This is goes to @Mike Cumbie as well  The negotiated sales price on this multi-unit is $332,900.  The 85k figure I have been quoting is rounded up 25% down for conversation sake.  I was going to post the full breakdown of the deal, but been hesitant since there is another investor in the area, that I believe was also interested in this building and also is on BP.  I should have an additional $50k   by end of Oct once my 2 rehabs are completed and cashed out.   

So if everyone feels lease purchase is the way to go, one last question.   Who should collect the rents during that 12 month period, and take care of taxes and maint?   The Agent seems to think the seller should continue as is since I dont actually own it....yet (This is why I would rather own it).  I know I'm tight on cash at the moment, but starting to feel like the deal is getting lopsided with money going out with nothing coming back 

@Michael Plante Actually what happened after I got the contract signed I started checking into this guys references and calling people he said he did business with. (I know *** backwards, but hey I was excited about getting it under contract ).

Turns ALOT of what was told to me was either untrue or not entirely correct.  When I asked him about these things, I got the "I'll call you right back" line, and haven't heard from him since which was over a week ago. Phone is on, rings and goes into VM. So don't know what this guys end game was, maybe was faking it until he made it? I dunno but he wasnt who he said he was.