All Forum Posts by: Jeremiah Jarmin

Lately, we have been seeing a lot of multifamily activity. It really depends on the appetite of the client. For instance, we have some clients that are very much into gas stations and hotels, but as of recently, apartment complexes or condo-to-apartment conversions are really the big thing.

For incoming funds, I operate as the escrow agent for my clients here in the United States and will often write "Proof of Funds" letters for the real estate agents once a deal is entertained to go under contract.

When remitting the money back to my clients, I have a very good relationship with a local bank which allows me to create accounts on their behalf without requiring them to be physically present in the branch. Technically, the owner of the account is the purchasing entity that I have formed for my client which they wholly own. I ensure the bank accounts have international wiring capabilities. Then I send all the wiring information to my foreign clients who can wire money to themselves as they please.

As you can tell, this obviously involves a great deal of trust between my clients and I but that is the only successful way I've been able to create an account here for them.

Generally, I will create the LLC once the deal is under contract. Then I will have the buyer (typically my client individually or another company through which they JV) assign the contract to the purchasing entity prior to closing. In residential deals, we normally do it fairly quickly after the deal is under contract, because there usually isn't anything that is going to pop up that would make my client abort the purchase. In commercial deals, it varies, but we usually do it after the inspection period is over but prior to closing.

I am Jeremiah Jarmin from Atlanta, Georgia. While I'm not technically a "new" member, I've decided to no longer be dormant. I am real estate and corporate lawyer in Atlanta, as well as, an investor. My practice areas primarily include commercial real estate closings, financing, and joint venture formation. I also assist foreign investors in obtaining real estate her in the United States. I look forward to being more active and connecting with people here on Bigger Pockets.