All Forum Posts by: Juan Esquivel

Thank you Andy for the reply and recommendation!

While I am too new to be of any help, I would like to hear how you managed your way through this hardship. Hopefully someone else on here can advise you. Good luck!

Hello fellow BP members!

Today I come to you all with a question about partnerships, professionals and advice.

Short Story: My brother and brother in law want to buy farm/hunting land here in Texas. Half an hr from home.
Short Question: What type of partnership should they use? What type of lawyer or CPA should I contact to help advise them in this situation?

Long Story:

Before I was into real estate investing; my brother, brother in law and I wanted to go in 1/3 on land/farm land. We never really took it serious as far as looking and inquiring, but we were all into the idea of owning a small ranch or at least some farmland. We had looked at some land south of Dallas, but never got a good deal or callbacks on any of the properties we were interested in. Fast forward to a week ago; my brother in law finds land within half an hr to where his home is.

He had brought up land before in the past, but this time he was serious. He texted me and asked me to call him to discuss his ideas. We talked, my brother and brother in law decided they wanted to make a move on a piece of land that they had found with in thirty minutes from their home. They knew that I had recently started working on my buy and hold investments so they told me that it was okay if I did not want to go in on it with them, but they still wanted me to help them with the phone calls and inquires.

Side note: All three of us are from Mexico so Spanish is our first language; I happen to be the better of the three at speaking English and I do not have a problem making cold phone calls or talking over the phone. Not only that, but they know I've been studying real estate so they figure I am the better of the three in negotiating; even though I have not made a real deal up to this point.

I gave a real estate agent a call to make an appointment to go see two properties that were next to each other and both were listed for sale. One of the properties was already under contract by the time I try to set an appointment, but I managed to get an appointment set to go view the other property on Sat. 5/28/16.

Now this is where you guys come in. There is a very good chance that my brother in law and my brother will want to buy the land after we go walk it down and see it in person this Sat. I assume a LLC type partnership is best for them, but I honestly do not know. I would like to contact a lawyer to advise us on what the best course of action is, but I do not know what kind of lawyer to contact. Should I also contact a CPA? I want to know who of the two will have to report it on their taxes and pay the property taxes on it. I would prefer an even split, but this is why I would rather contact an attorney and set an appointment to get some sort of legal guidance. Whom do you guys think I should contact?

I am using this as a way of helping my family, but at the same time getting experience in real estate. While I currently do not plan to buy land in the future, I figured it would be a great learning experience for me. Thank you all for taking the time to read this and helping me out! 

Hello World!

I joined Bigger Pockets a few weeks ago, but I never introduced myself. I slowly started getting on more and more. I have learned a lot from just reading a few articles a day and last week’s webinar rocked (my first webinar)!

My name is Juan, but I go by Tony (Middle Name). I am 24yrs old; born in Mexico; and I aspire to be a buy and hold investor in order to find my niche in life. I dream of teaching the youth money management and investments. I have always been different from my friends and family members. Everyone went to college and took on a lot of debt. I was always scared of debt and scared of the fact that I might fail once in school. I did two and a half semesters at TAMU-CC (computer science major/Business Management Minor),but I dropped out because I did not want to get a loan and that was the only way I could afford it. While in college, I found out that the courses are actually very easy. The hardest thing is paying for school and expenses. I also found out that computer science while easy, did not interest me as much as I thought it would. I have always been intrigued by business and investing, but I never really pursued it due to the lack of know how.

While I did not finish college with a degree, I still managed to be promoted into a high paying position with a privately owned company where all of my coworkers in my position have degrees. I love working at my current job, but sometimes I spend too much of my time working for others. We work a minimum of 50hrs, but a lot of the time we work more. I always used to read investing books and stock market books during my break time and I have small investments in paper assets and 401k, but I knew there was more to it than this. A coworker saw me reading investing books often and recommended “Rich Dad Poor Dad” which changed my view on investing and business.

I now plan to pursue real estate investing as my primary form of investing for cash flow. There is a lot to learn, but I am one of those people that will not give up until I have succeeded. I am always seeking to learn new things and develop my current skills. I will use real estate investing as a leveraging tool to be able to do what I was put in this life to do. Currently I feel like that is to teach others and betters people’s lives through education.

I feel good to have stumbled upon this site and am happy to announce that I upgraded to Pro. I look forward to participating in discussions and sharing my knowledge as I learn. I will update my profile with a picture and more detail by the end of the week.

Thank you all for sharing your knowledge and ideas with people like me that are barely getting started. It means a lot to know that there are others like me. I hope to see all of you around!