Investor · atlanta , GA · Member since 2012 · 287 posts · 148 votes
I live and invest in Atlanta GA. I'm looking to start several new partnerships with co-workers. I need a good attorney that is very familiar with putting a partnership agreement together, specifically for real estate investors. I've done the usual Google searches, and checked with the local bar association, but no luck. I've spoken with a few, but I don't feel real confident they know the ins and outs of a real estate partnerships. I'm not opposed to using an out of state attorney either. Thanks in advance for any suggestions.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
Thomas, what makes you think the attorneys you spoke to can't put a partnership together for you?
Basic partnership agreements are not difficult, most is boilerplate.
Have you considered the LLC route?
Have you spelled out what the expectations are?
If you're looking for an attorney to devise your arrangement for you, that's not their job really, that comes from the business decisions amongst the partners.
An accountant might be who you need to speak to before an attorney.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
13y
I was going to say what Bill said. You don't need a real estate attorney, you need a contracts attorney. Just tell him the terms of the agreement, and he can create a contract.
Now, if you don't know the terms of the agreement, that's a MUCH bigger question, and something you need to figure out first...
Investor · atlanta , GA · Member since 2012 · 287 posts · 148 votes
13y
Thanks. I've laid out some pretty specific points as to responsibilities for each partner. I'm at the point now where I have the skills as far as acquistion, re-hab, and management that I would like to bring in a partner for capital. Most people I work with want to invest in real estate, but they don't want the hassle of managing etc. I'll seek out a contract attorney. Thanks for the tips.
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
13y
Are you looking for debt or equity? If debt, you can just use a deed of trust and promissory note, which most closing attorneys will be able to draw up for you to sign at the closing table.