All Forum Posts by: Kent Ritter

@Brian Burke,@Ola Dantis, and Ron Elias thanks for sharing your perspectives!

@TJ Hines I agree that character is everything, but its difficult to quantify. How do you represent your character to your potential investors as you meet them?

 @Brian Burke and @Scott MorongellI think you both make very good points. There is more on the line for a sponsor than just the acquisition fee, including reputation and a lot of upfront time and costs to just close the deal. How do you help investors understand the point of view of the syndicator?

Fair - both are ideal, but would you invest with an experienced syndicator that isn't investing in the deal personally?

The advice I've received from my lawyer is that in most instances the rules will default to the state you are doing business in no matter where your LLC is located. I'd like to hear from others though...

I highly recommend an LLC. You want to separate your person assets from your business assets, so that if someone falls at your property and sues they aren't coming after your primary residence etc.

2 other important points: 

1) even if you are the sole owner of the LLC you should operate it like its a real company - have an annual meeting where you set your strategy and take notes. This could impact if some can "pierce the veil" in court.

2) have good insurance on your property and for yourself.  Make sure the amount covers all of your assets. 

Finally, you don't need an attorney to set up an LLC, at least here in Indiana. You can go directly to the state and save a lot of money or use Legalzoom if you want to be extra careful.

For those passive investors out there, which matters more to you - That your sponsor has money in the deal or that he/she has a successful track record?

@William Washington

I agree with @Danny Randazzo in a deal this size it is probably better to form a JV and clearly define your roles and voting rights in the operating agreement. That will be easier and more cost effective than a syndication

@Melissa N. I definitely recommend it. This will be my 3rd year and I’m bringing my whole family. They are going to Disney World, so I’m not sure who is going to have more fun. Jake and Gino are great guys I’ve personally know them for about 3 years and went through their program. They provide a ton of value especially if you are newer.

Message me if you want to meet up at the conference. I’ve invested in over 1200 units and I got my start going to these conferences so I love to give back.

@Amelia McGee find multifamily brokers on LoopNet and connect your contact to them. As a newbie you need to reach out to these brokers anyone and start to build a relationship. If you can provide them with a good lead you will add value for them and that goes a long way to separate yo from the pack. Just make sure yo Uber the person that called you to make sure he/she is a good lead...