looking for partnership and LLC how-tos

Tax, SDIRAs & Cost Segregation
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looking for partnership and LLC how-tos

Suzanne Villanueva
Member since 2019 · 15 posts · 31 votes

I have been successful with real estate investing on my own with only my own funds.  But now my real estate investing is growing to the point where I need to look at partnerships and LLCs more closely, and I would like to start with books or online resources so I can learn some of the basics before I pay to work with an attorney.  I need to know more about different kinds of partnerships, since I don't yet know what kind would be best suited for my upcoming investments.  I also don't have a clue yet about LLCs, or whether I should form one for a partnership.

There are lots of books and sites out there, but which are the good ones for accurate info for someone just starting the learning curve, and which are good for when I'm ready for more detailed info and can formulate specific questions?  I am in CA, most of my rentals are currently in TX.  What resources have been helpful for you?

Thanks in advance!

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David Ginn
Real Estate Consultant · Houston, TX · Member since 2020 · 206 posts · 944 votes
4y

Hi @Suzanne Villanueva!


I'm located in NC, but I've business at NC, TX, SC & GA. I have 36 years of experience in real estate investing. Our buyers pay 12% interest and 3.75 points to you as an investor.

In the estates, LLC, what I do is teach, train, coach, and mentor. The difference is I'm not a guru to charge you for an education. What I do is, as you sign up into the system, and you become a partner, our goals become aligned. The more properties you buy, renovate, flip, sell or hold, or whatever your strategy is, my goal is for you to make as much money as you can.

One of the resources that are still vital & helpful for us is; we do anywhere from eight to twelve Meetups or conference calls a week. We are into discussions on the intermediate and advanced calls. We talked about attorneys and the costs of attorneys. We talked about efficiencies and how to get a deal done quicker.


What we do is have a high level of trust with the individuals that are on the call. And when you ask me any question I'm going to give you an answer. And so I'm going to walk you through the hyper-technical issues of the business.

You are welcome to join our physical & Online Calls. Let's touch base if you're interested.

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  • David Ginn
    Real Estate Consultant · Houston, TX · Member since 2020 · 206 posts · 944 votes
    4y

    Hi @Suzanne Villanueva!


    I'm located in NC, but I've business at NC, TX, SC & GA. I have 36 years of experience in real estate investing. Our buyers pay 12% interest and 3.75 points to you as an investor.

    In the estates, LLC, what I do is teach, train, coach, and mentor. The difference is I'm not a guru to charge you for an education. What I do is, as you sign up into the system, and you become a partner, our goals become aligned. The more properties you buy, renovate, flip, sell or hold, or whatever your strategy is, my goal is for you to make as much money as you can.

    One of the resources that are still vital & helpful for us is; we do anywhere from eight to twelve Meetups or conference calls a week. We are into discussions on the intermediate and advanced calls. We talked about attorneys and the costs of attorneys. We talked about efficiencies and how to get a deal done quicker.


    What we do is have a high level of trust with the individuals that are on the call. And when you ask me any question I'm going to give you an answer. And so I'm going to walk you through the hyper-technical issues of the business.

    You are welcome to join our physical & Online Calls. Let's touch base if you're interested.

    7Reply
  • David M.
    Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
    4y

    @Suzanne Villanueva

    Mark Kohler's "Lawyers are Liars:  The Truth About Protecting our Assets" is well recommended in prior BP posts.  I also recommend it as well.  The title maybe a bit deceiving, but he is a lawyer and CPA.  I don't recall any upselling.

    Just remember that in CA, the state charges you some $800 annually for each LLC that you have, even if its out of State. I'd be happy to chat. Good luck.

    1Reply
  • Candyce Chen
    Rental Property Investor · San Francisco, CA · Member since 2021 · 19 posts · 21 votes
    4y

    Hello @Suzanne Villanueva,

    Glad to hear you are successful on your own investment. That’s so awesome. I’m in CA & investing out of state and I’m still learning too. 

    1. Podcast: I feel BP Real Estate Rookie podcast is very helpful, you can check out episodes #30,#31, #64, and #73,  

    2. Books: 

    Start your own corporation by Garrett Sutton and his other books. The writing style is pretty simple to understand. 

    I also borrowed many books from Kindle Unlimited, one of them is very useful for partnership & JV:"Investing in Real Estate Private Equity: An Insider’s Guide to Real Estate Partnerships, Funds, Joint Ventures & Crowdfunding by Sean Cook. 

    3. Legal: my lawyer suggests to set up a LLC in the states I have properties. Personally, I will suggest to have a separate bank account, umbrella insurance, and use a CPA from your investing state too. Partnership is for funding & LLC is for taxes & asset protection if it's set up correctly. It probably also depends on your personal situation, HR structure, tenants, property location & types…etc. I'm not a legal nor a CPA, so you might need to check with a professional in TX on this.

    4. Website & YouTube: many websites & YouTube channels talk about Real Estate LLC or RE LLC for Californians. Beside focusing on why choose LLC vs. other biz structures and how to form one, you can also check out what's Pro & Con of forming a LLC. The link below is helpful for me. Investopedia & Millionacres have many good articles too.


    https://www.investopedia.com/

    https://www.millionacres.com/a...

    Above are resources I used during my very beginning of researching. Hope it helps. Best luck on the next cheaper of your RE partnership. Happy Investing! 

    Candy C.

    3Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    4y

    @Suzanne Villanueva

    Brandon Turner normally mentions there are 3 traits most investors need to have to be successful
    Experience, Money, Time.

    In a partnership, you want to look for those with traits that you don't have.
    Therefore, if you have experience and money, you want to find someone else who has time

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
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