All Forum Posts by: Redha Laafia

Looking forward to it!

Gorgeous lounge space, can't wait to meet fellow real estate people at this meet-up.

New & Experienced Investors, Lenders, Realtors, Wholesalers...welcome! Friendly networking meet up.

Redha

@George Munoz

Thank you George, will definitely keep in mind

By the way, I see you are based in Ft Lauderdale... I have a property there and looking to buy more would love to connect to talk further. Sending you a PM

Good afternoon BP!

Can anybody recommend an affordable ROCKSTAR real estate attorney that can help setting up a JV and LLC structure with my partner?

Miami-Dade/Broward Counties - preferably close to Hollywood, Aventura, Fort Lauderdale?

Thank you ALL!!

Redha

@Tyler Gibson great to hear you invest with you father too!

So do you have a LLC with you and him as members?

By retaining 25% equity, does it mean you gained 25% equity of the money he invested.

In other words, if you bought a property for $100,000 with his money with the LLC - you would own automatically $25,000? (I doubt it, sorry if it's a dumb question).

@Kim Lisa Taylor

Thank you. I totally agree with you, especially regarding the taxes. My dad is a foreign national, so I scheduled a conference call with a Tax Attorney to discuss that matter.

In your expertise, how would you set up a long term partnership LLC with one partner that has $0 capital?

I'd like to retain a high majority ownership of the LLC and technically only have my dad as an investor/capital provider.

@Whitney Hutten

Thank you Whitney, very pertinent questions.

I have scheduled an appointment with a local attorney I was referred to.

In brief, my dad will be a truly passive investor and I will make all decisions. He will be bringing 100% of the capital. I’m not sure what’s a fair split here...I definitely want him to keep his capital safe, and I’m thinking 50/50 on cash flow and 50/50 on extra equity generated.

@John Underwood how exactly would you review the numbers on the websites. Just open each and check their calendar?

Good evening BP,

I am literally running in circles for the past few weeks regarding the JV structure I am trying to design with my Dad.

He has the capital to invest (no time, no knowledge), and I have the time, energy and hunger for REI success. I think our partnership could be really successful and meet both parties goals.

We want to buy & hold residential rentals in Florida and grow our portfolio of cash-flow houses. The capital will be used for down payments of residential loans, rehab projects. Eventually, we would want to branch out to multifamily buildings after we gain some experience and meet to right people to partner with. For now, I will try as much as I can to look for BRRRR SFR opportunities.

How can I structure a Joint Venture that benefits both of us for the long-term? Does this JV almost looks like a syndication but with 1 LP (my dad)?

Keep in mind that I have $0 capital. However, i want to benefit not only from the monthly Cash Flow but also the forced appreciation/appreciation of the properties we will acquire.

Guys, thanks a lot for your help

Redha

@Brian Garrett thank you so much for your reply

In other words the appraiser will only look at 3/2 comps even though he discovers 5 bedrooms while inspecting?

If that's the case that will negatively affect my ARV, didn't anticipate that..

If I chose not to do anything, could I still sell it in a few years or I’ll run into a buyer that will want me to rectify this?

Good morning !

We recently converted a 3/2 single family home into a 5/2. We added 2 bedrooms in the back of the house (large room split in 2) with no permits.

I really thought it would be no big deal but I’m starting to get concerned about these bedrooms addition done without permit.

How will this affect me at resale?

Will the property appraiser during the refinance process appraise the property as a 5/2 bedrooms or will use the public records data 3/2?

Thanks