All Forum Posts by: Yuriy Shepelin

Hi Chase, I’m wondering if you found what you were looking for? Thanks!

Hi all. I understand that a typical strategy for an apartment complex is to do one LLC per building, and a separate bank account for each LLC (and so a separate bank account per property). I worked in a treasury department for a fortune 100 company and while I didn't touch cash, there were bunch of standard practices, such as the ability to segregate income and disbursements, have lockbox services, accumulation and zero balance accounts that should reduce the amount of slush capital you have to keep especially as you add properties. Has anyone setup anything more elaborate that is working well for multiple multi-family properties? How are you managing the accounting and which banks offer these services for someone with fairly minimal needs compared to a fortune 100 company? Thanks.

Was searching for a related topic. My question is if you buy a property via a land contract, is it still considered financing/leverage from UBTI perspective or does it get exempted since the title hasn't actually passed to the SDIRA LLC?

Hi. I am about to take my RE license exam and become a part time real estate agent. I have a great full time job and I am primarily getting my license to invest in real estate without commission leakage and to see more properties with less hassle then when you work through an agent. I also got pretty pissed off with the current market setup, where double agency is rampant (despite being illegal in all other professions) and where buyers agents don't disclose their compensation to buyers, so you have no idea if your buyer agent is consciously or subconsciously tipping the scale based on the best deal to him/her. I know all the arguments why this doesn't negatively effect, or some even tried arguing it benefits clients (including fiduciary duty, future referrals, etc). I also know the legal justification for why it's allowed. I'm not judging anyone who disagrees with me, I just think it's a raw deal for a buyer and I'd like to offer them something different:

I will only represent buyers (and will refer out if the house my buyer is interested in is listed by my brokerage) and I will charge a stated commission from my buyers, offset by any proceeds by the seller (which I will fully disclose). I will not represent sellers.  I know this has been tried many times before and it generally doesn't succeed because the purchases and sales feed off each other since most agents are well trained to ask the follow up questions and will represent both sides.

With this background, here is why I'm actually making this post. I'm looking for either (1) a buyer's only brokerage firm to join (I don't believe there are any in this area, but maybe there are licensed brokerages in greater PA that I can partner with), or (2) start a buyer's only brokerage firm with another broker (I'm getting an agent's license), or (3) partner with a seller only agency <or someone who thinks of starting a sellers only agency> or (4) join one of the franchises. If you can recommend someone, or join forces with me per (1), (2) or (3), please send me a private message. If not, I would still appreciate recommendations for franchises to join per (4). I'm considering Coldwell Banker or Real (virtual brokerage) at this point. I spoke to Sotheby's (seems like a perfect option for a sellers only agency) and ReMax is probably not a right choice as I probably won't have the volume. Definitely not BHHS since they have close to a 45% market share of listings, so I will be running into conflicts too often. 

P.S. I'm primarily active in the Main Line area of Philadelphia (Lower Merion, TE and Radnor school districts), but greater Philadelphia is a fair deal, and I have money to invest in starting a brokerage from scratch if needed.

My partner and I are looking there now. He’s done several deals there before. We are actually going to visit a few properties next week. 

@Chase Louderback great suggestion. Thank you!

@Theo Hicks @Oleg Shalumov thank you both! So yes, I wasn't crazy that such a device should exist. Does anyone have a draft letter of intent template that they have been happy with and not mind sharing? Presumably there is no State Realtor Association approved LOI form.

@Oleg Shalumov thanks! What I meant is that I’ve seen apartment contracts that are 20-30 pages long. Instead, I’d like to put forward a one page “intent to buy” offer with key conditions for remainder to be reviewed and negotiated during the due diligence period. I’ve seen listings that put pro-formas rather than actual financials in their listing. Many properties I’m looking at are also remote. So I want to generally understand a deal before making a trip.

What skills/expertise that you need in a partner? My expertise is in negotiations and finance, and I’m looking for a partner with construction and property management background that has at least 5 properties in his portfolio. I’m looking for a 50/50 partnership. 

My partner and I are looking for 3-4 cash flowing properties on the main line outside of Philly. If you have a portfolio that you are interested to try, let’s connect. Thanks.