All Forum Posts by: Matt Liu

I am partnering with a Commercial Mortgage Broker and  Environmental Attorney on a big real estate deal (a warehouse conversion). The mortgage broker and environmental attorney are saying they want 33% equity each. Granted they are each doing a lot initially - the attorney is clearing the brownfield hoops and even suing the liable party, while the mortgage broker is arranging very good 100% financing, working with the city to setup the bridge loans/grants. 

The question is, is this really a fair split? A friend and I are splitting the remaining 33% doing EVERYTHING ELSE - the rehab, the contracting, the tenants, (the management too but probably at a cost to the operating account pre-owner-draw). 

In other words, is it common for an asset manager side of an investment team to make only 33% while the legal and capital side of the investment team make up the other 66% of the ownership?

Thanks!

Originally posted by @JD Martin:

The risk is in losing the brand should someone else decide it's a viable brand. 

Hi JD Martin, is that really the case that someone can take your brand if you only have a DBA? What if you also own the trademark for the name? I'm not really that worried, just curious.

I have several entities that hold real estate. It's time for me to have umbrella brand for my "company", similar to big developers. However, I have no need now for a unified PM  or single development corporation right now, just a brand for myself really and for putting my name out there. 

Wouldn't it make sense to simply file a DBA for myself or for one of my major holding entities as "XYZ Properties"? In fact, I really like that it would be a worthless entity, so that it is unattackable - yet official for legitimate branding.

I am starting a partnership with a friend where he found the deal and will do the work, while I put up all the money. The issue is he has to initially buy it in his name because he is doing a shortsale. How do I protect myself between the time the deed goes in his name, and the time he quit claims it to the LLC we created with an Operatinf Agreement which acknowledges my captial contribution? Do i need an interim partnership agreement which says I own 50% of the property until it is put in out LLC? Or should I record a temporary note and mortgage with my partner?

I am starting a partnership with a friend where he found the deal and will do the work, while I put up all the money. The issue is he has to initially buy it in his name because he is doing a shortsale. How do I protect myself between the time the deed goes in his name, and the time he quit claims it to the LLC we created with an Operatinf Agreement which acknowledges my captial contribution? Do i need an interim partnership agreement which says I own 50% of the property until it is put in out LLC? Or should I record a temporary note and mortgage with my partner?

I am starting a partnership with a friend where he found the deal and will do the work, while I put up all the money. The issue is he has to initially buy it in his name because he is doing a shortsale. How do I protect myself between the time the deed goes in his name, and the time he quit claims it to the LLC we created with an Operatinf Agreement which acknowledges my captial contribution? Do i need an interim partnership agreement which says I own 50% of the property until it is put in out LLC? Or should I record a temporary note and mortgage with my partner?

Yes eviction is for non payment. I hired an eviction attorney. This is in Rochester, NY. They are not calling 911 for legitimate reasons. They have no proof for anything theyre claiming. I'm just worried that the 911 calls will go on record and look bad for me or my house on the face of it. I'm worried too of what else they will try to do.

Of course they are still there. They don't want to leave. It's a nightmare. What damage can they do? They will try everything. They will keep calling 911 until court, and even after, until they are gone.

I have a problem tenant above me in my own house. They have become not only rude but spiteful because I am taking them to court for non payment and because they are just extortionist harassing awful people who abuse their daughter (I inherited when I moved into this rehab). It's very uncomfortable. Lately they have been calling 911 and making totally unsubstantiated claims about how "awful landlord I am". No evidence just rantings. They think this will help them in court I guess, and hurt me for the future, which I guess brings them satisfaction.

Is it true that all these police reports, although totally fact-less, will hurt my landlord reputation either with the court, the city, or in the records when selling my home?

Thanks

Guys, this is what I'm trying to say: It's okay to have everything in one LLC AS LONG AS YOU HAVE DEBT on all the properties, plus insurance, plus and umbrella.

Do you agree? If so, then that's the way to go because it is much better for bookkeeping.