All Forum Posts by: George Plasencia
George Plasencia has started 1 posts and replied 7 times.
Post: Newbie I am lost. I know where I want to go but idk where to start. Saw
- Homeowner
- Westchester N, Y.
- Posts 7
- Votes 3
Quote from @Travis Timmons:
Don't take someone else's money until you have actual, first hand experience. You don't know what you are doing yet and have not proven yourself to be a good operator. It's not a good idea to get an on the job education paid for by a family member. If you have a rich uncle or parent that just wants to help you out, sure, go for it, but if a family member is diverting money from savings or another investment to purchase real estate with you, that's a bad idea.
Would you give your money to someone that posted in an online forum "I am lost and idk where to start?" I would venture to guess that the answer to that would be no, and until that changes, you don't need to take money from anyone, much less a family member.
I totally agree with you, that why I am so glad I found you guys here to educate myself and do it the right way. I already own a multi family home, witch I take care myself, and every have been fine for the past 5 years. but the next step it’s more responsibility and I want to be able to be more knowledgeable and step up the game. I wouldn’t put anyone’s money at risk until I am confidence I understand every aspect of the business. Before I pay a professional to do the legal or construction work I want to understand it myself. Once again I can’t not be more grateful to all of you.
Post: Newbie I am lost. I know where I want to go but idk where to start. Saw
- Homeowner
- Westchester N, Y.
- Posts 7
- Votes 3
Quote from @Abel Curiel:
Hello @George Plasencia,
Looks like you have your strategy somewhat figured out but you're mainly concerned with getting a solid operating agreement and corporation formation so that all parties involved know what to expect now and in the future.
Two powerful contacts at this stage would be an attorney and an accountant. There are other professionals who can help here but these would be my go-to people.
You can jump on legal zoom and create an LLC for a fraction of what an attorney or accountant would charge but I don't necessarily recommend that here. Seems like you want someone who can help you paint the big picture regarding entity formation/structure and overall direction of the partnership.
Some RE accountants even specialize in working on partnerships and syndications!
All the best to you on your next steps!
Abel
Post: Newbie I am lost. I know where I want to go but idk where to start. Saw
- Homeowner
- Westchester N, Y.
- Posts 7
- Votes 3
Hi Mohammed.
Well I would like to understand all the options I could have to make a deal happened.
right now I am thinking about raise money from my family and my own money to put the 20% down payment or whatever percentage is advantageous, and finance the rest. Therefore I would like to know how to estructure the partnership ( LLC, Company, etc ) and if the bank would let me finance the rest under on of those estructures ( LLC, Company, etc )
Post: Newbie I am lost. I know where I want to go but idk where to start. Saw
- Homeowner
- Westchester N, Y.
- Posts 7
- Votes 3
Quote from @Bobby Nilsen:
@George Plasencia Many ways to get started, but a few more questions should be answered before how do I start a fund. What's your goal? Please reach out, love chatting real estate.
Post: Newbie I am lost. I know where I want to go but idk where to start. Saw
- Homeowner
- Westchester N, Y.
- Posts 7
- Votes 3
Thanks Noah. Sure I’ll do that
Post: Newbie I am lost. I know where I want to go but idk where to start. Saw
- Homeowner
- Westchester N, Y.
- Posts 7
- Votes 3
Quote from @Bobby Nilsen:
@George Plasencia Many ways to get started, but a few more questions should be answered before how do I start a fund. What's your goal? Please reach out, love chatting real estate.
Post: Newbie I am lost. I know where I want to go but idk where to start. Saw
- Homeowner
- Westchester N, Y.
- Posts 7
- Votes 3
First of all Hi everyone, I am so exited that I found you on this website. And that I could learn, and be part of this community.
Like I said I am new at this and I don’t know where to start. Where I can find my answers and the right direction into this journey.
to begin with one of my questions is.
How do I structure the legal paperwork and the right way to start raising money?
if someone can breakdown for me I would truly appreciate and return the favor one day . Thanks