All Forum Posts by: Kiuny Perez

 Hi Kiuny, There is the TBREIA and they have a main meeting every 3rd Thursday of the month in Tampa, they also have several sub meeting around the Tampa Bay area. Google TBREIA to find website and join, TBREIA is well attended and very resourceful. You can also search Meetup online and search their database for meetups in the area. Hope to see you there!

@Kiuny Perez 

I would recommend Avvo.com to find savvy, real estate attorneys that can put together a Joint Venture agreement. Also, depending on how much protection you want, you should each have your own attorney representing you to then work together to create the joint venture agreement.

Start with the end in mind. How long will you hold the property? What if one partner wants to sell prematurely, does their profit split change? Dig deep on this one to set up for success!

I have found attorneys through varying methods in different markets.

I would say the best i've experienced is by word of mouth. This really is a relationship business. If you have no one to ask in your market, speak with someone who has no vested interest in any attorney but can see their business dealings clearly. ie- Call a title officer/company in the area (x's 20) and ask: "What do you know about efficient and knowledgeable attorneys that have closed in your office?"

You will get a name. But the magic happens when you actually call 20 offices and the same name keeps coming up.

Hi @Kiuny Perez. It sounds like this project is a candidate for a joint venture agreement. PLEASE DO NOT download a free version online. That is a document best produced by your attorney. And when having that drafted, think first about what will happen if the deal goes sour and work your way backward to what would happen if it all went well.

Now, there is a right and a wrong way to do everything. For the right way, people usually say "thats so expensive." But the real costs come when you do it the wrong way and things go wrong.

I would say neither of you should go on the mortgage. Open an LLC structured for real estate and that LLC is going to apply for a mortgage. Make the 3 of you 1/3 partners. Thats one way.

Or, create the llc but make one person 94% owner. (That person will have to present documents for the mortgage verification.) The other two will not be listed on the mortgage but they will have 1/3 responsibility and 1/3 ownership of the deal as per the Joint venture agreement.

The other two will be free to get other mortgages and/or be the 94% owner of other llcs for another deal, because they will be minority owners having only 3% ownership each of the "LLC Partnership" for this deal. I think that was your question about the "10% you mentioned.

I hope this helps.... I hope this makes sense.
CR

@Kiuny Perez TBReia has a couple of different events throughout the month in different areas around the Bay area. There's a few BP members who host local events such as @Khaled Morad. Keep searching and I'm sure you'll find some! 

Not sure of Tampa specifically, but the app "meet up" has regularly scheduled REI meetups in Orlando, since that's closest to me, so I think you can search your city on there and see if you can go that route.