All Forum Posts by: David Levin

Hi all! Does anyone have a JV agreement used in IL they can share? Or a standard OA for a JV? I am looking at options and also trying to create my own but would like a comparison and/or use a better option. I do have a RE attorney but he would rather I present the agreement on my own.

I appreciate your help!!

@Ashish Acharya Thank you. And regarding the certified docs needing to be as recent as 90 days? 

Hi All! I am currently closing very soon on a Multi-Family in Chicago. The property is under a Florida LLC. I was advised by my accountant that this is ok. I figured it would be with a few other details he noted. But was also advised by RE attorney that I will need to get approval in IL? And, that I need to present certified LLC docs (Organizational, OA) that are within 90 days? Why is this? Is this true? My LLC is current since inception in 2019. I appreciate any insight on this. Thanks!

I have a RE attorney in the state where the property is located. He has been on board since day one and we have an operating agreement. You stated "JV is a bad selection for long-term hold" "Try another entity structure".... Just wanted to know why you advised that. Thanks for your feedback. Much appreciated.

@Jerel Ehlert We have a third-party PM. You mention JV being a bad idea for long-term hold and to try another entity structure. What is your suggestion? Syndication? Any input would be greatly appreciated. Thanks.

@Taylor L. Thank you I appreciate it!

Thank you all for your input. It has been very helpful. We do have a 3rd party PM lined up. I also understand there will need to be defined roles for everyone. What are some different roles for a JV? This will not be a syndication registered with SEC. We all have something to bring to the table but a 3rd party PM can take some of those responsibilities away. Any advice would be greatly appreciated. Thanks!

Hi All! If a unit in a multifamily apt building costs 10K to rehab, do we subtract that from quarterly profits to investors? How would that work if the reserves for the rehab came from one investor?

I thank you again Brandon for your insight. Much appreciated! 

Thank you Brandon. I found, negotiated, underwrote, toured, paid for inspection and personally put up EMD. I also provided RE Attorney and PM for the deal. Also, provided LLC.