All Forum Posts by: Benjamin Aaker

For your first one, I recommend an attorney. I used Legalzoom and it was very cookie cutter but if you are a single-member LLC than you can change it as needed and reuse. If you are bringing on a partner, I'd suggest an attorney. I use Eric Kirkvliet at Lynn Jackson. He has also done a PPM for me.

Congratulations Adam! Multifamily is the way to go, in my opinion. Best of luck with your new property.

Hi Michael,

Welcome to BP. And investing in Sioux Falls!

Hi Isaac,

You need to be a broker's associate (an agent) in South Dakota for 2 years, take additional education, and pass an examination to apply to be a broker. 

As far as age goes, the law doesn't say you can't start your courses before turning age 18. You might want to consider doing this and planning to sit for the examination after you turn 18. Keep in mind that you have additional disclosure requirements to buyers and sellers if you are a licensed broker's associate. Good luck!

Congratulations. Sounds like a great deal and will surely springboard you to more!

Partnerships are nice because they can bring investment capitol, but not so nice when there are other opinions in the organization. A 50/50 partnership can get deadlocked and lead to at best hard feelings and at worst lawsuits. You should consider a 49/51 split or have some buyout scheme in your agreement. Be sure to outline in writing exactly what each partner's duty's are.

I can't see why it would be beneficial to the 0 to do a 0/100 partnership. That would make the 0 an employee with contractual obligation to work but no financial interest. Doing the managing and finding the deal are very important and the deal wouldn't happen without them. Similarly, the equity member is necessary as the deal wouldn't happen without the financing. If the deal-finder's level of experience is low then his/her ownership might be low in order to entice the equity partner to invest. As the deal-finder gains more experience then he/she can demand more equity in the deal.

Hey @Andrew Adam, congratulations on getting the 16 units. I'm curious about the coin-op laundry. How long is the contract in effect? What is your plan for those?

Sadly I'll be out of town but thanks for the invitation.

Hi and welcome to BP! Thanks for connecting offline. Hopefully we can get a deal going in Sioux Falls soon. I'm always looking for multifamily. Prices are up and people are holding right now so it's been tough to find good deals. They are out there if you are willing to put in the work.

Hi Gregory,

Just wanted to welcome you. I use First National Bank of Sioux Falls but doubtful if they can help you in Aberdeen. If you are thinking about the Sioux Falls area, let me know how I can help.