All Forum Posts by: Jillian Sidoti

Hi @Bernadeau C. - what we normally do in the firm is a JV agreement that can be used again and again. Right now, we are working on a digital way to create it yourself so it's nice and clean. I made a template one for Daniil Kleyman a few years back and people have seemed to have luck with it. Also, I do know that a properly written one will withstand the scrutiny of the securities boards as one of my clients once had to answer to the state of Texas and the properly written JV agreement save him. Just something to think about.

@Travis Kramer - I am a very experienced securities attorney that used to do a LOT of 505 offerings. THEY DO NOT EXIST ANYMORE for all intents and purposes. You do have other options. I do not recommend a Rule 504 as they are not recognized by many states. I used to do a lot of those too and then my clients would always step into a state that didn't recognize the rule and they would ruin the exemption. 

In other words, stick with Jeff's advice - 506(b) and 506(c). There are plenty of ways to raise money with those two exemptions and they are federally covered, meaning the states can't "over-regulate" on those two exemptions. Feel free to contact me if you have further concerns. I am not looking to take any business from your current attorney, but perhaps I can offer him or her some guidance. 

Hey @Dan F. - what a great question! You're either an accredited investor or your not. It's not a designation, per se. 

As for the perks - HECK YES! More opportunities for you to consider!

Real simple: if you make $200,000 a year as an individual, $300,000 as a married couple, OR have a net worth of $1,000,000, you are accredited. 

If you are looking to get "proof" of this, you can have your CPA, attorney, RIA, or a third party, like verifyinvestor.com, provide you a verification letter for 506(c) offerings. 

I hope this helps! Good luck out there!

@Bernadeau C. - how will everyone be vesting? Will everyone also have an interest in the day to day operations? What about check book control? 

Finally - the most important question: how experienced is everyone? There is case law that determines that if certain partners do not have requisite experience (in other words, they really aren't participating as they don't have the experience to even know how to participate.) Then, it could be construed as a security/syndication. Otherwise, carry-on. 

Note on the operating agreement - negotiate the divorce before it happens. Know exactly (or at least try to) what will happen if someone isn't pulling their weight or wants to leave. 

There is also a group out of Texas called "Lifestyles Unlimited" where a lot of our firm's client also learned the ropes of multifamily investing. You might want to try googling them as well.

please pm me about Dave Lindahl. 

I suggest Brad Sumrock, Anthony Chara, or Jonathan Twombley. I have done events with both Brad and Anthony. They are both excellent. Full disclosure, I teach a full day private money class for Anthony's events. 

Hi everyone! Our webinar "How to Structure a Real Estate Syndication" is now available on both YouTube and Facebook!

If you have questions during the webinar, please comment below where ever you are watching it and I will be sure to respond. https://youtu.be/A6tkEu1_U7k

https://www.facebook.com/jsidoti/videos/1015487156...

Want to start your new year off right by learning how to syndicate your real estate deals? Tired of private lenders investing a little bit of money on one tiny deal? Want to move up to big multifamily apartments, self-storage, or mobile home parks? Come to this webinar to learn the steps to syndicate your first (or your second, or your third) real estate deal!

securities, regulation a+, regulation d, private equity, investors, private money, equity fund, real estate fund, real estate syndication.

Jay, that means a lot coming from you! Thank you.

HAHAHA @Sam Grooms - you are the best! Thanks for posting that! 

If you search our YouTube channel (Crowdfunding Lawyers) - I just did a video yesterday with a Q & A period on how to do your first real estate syndication. There is a bunch more free stuff on our site too which is in my signature. 

Buyer beware with the cheap PPM. Early on in my career, I learned to not review PPMs drafted by non-securities attorneys or "PPM services" - they usually are rife with mistakes and more difficult to correct than for me to write from scratch. 

In the meantime, feel free to connect with me and I will get you any free education you need. We also have a syndication event coming up that you can search for in the EVENTS forum if you are interested. That is not free.