All Forum Posts by: Heidi Pliam

As a lawyer, I fully support sharing of forms! Please do so! BUT… also tell users about the risks and limitations of using forms in a way they get it, and not merely a standard “this is not legal advice” disclaimer.

To date, there is simply no better way to use forms than with guidance of a lawyer. (This will change with technology, but we’re not there yet.) It sounds self-serving, and it is. But it’s also fact! Thus I see forms downloading as a great first step to learn -not a substitute for legal advice.

For this reason, I suggest the best way for BP to provide such a service is NOT providing one model form per state. Rather, post a downloadable package of at least 3-5 possible variations on the same form and encourage people to compare/contrast versions so they know what they want. I fully expect most people will pick one and run with it without a lawyer. But at least you’re doing your duty by providing what they need to see, which is that there is no such thing as a “standard” form where one-size-fits-all.

Serial entrepreneur since my late 20's.  Everyone is different, so you need to know yourself and be true to your own path.  Your strong desires are your first clue that your path may be to skip the J-O-B.  My first 7 years after college I did the expected job thing.  Since then, I've never taken a job unless it appeared to deliver specific skills and/or relationships I sought; never just for money.  (I might have learned that from Robert Kiyosaki?)  It's worked for me, albeit with meditation skills to get me through the lean scary times.  But, it's not for everyone.  Many people need the flashy stuff for social approval or something I've never understood.  My freedom has always been far more important to me than that.  But again, it's not for everyone; I'm a nerd at heart.  

@Kyle Doney, for example, (1) the learning curve is infinite and expanding, so just keeping up professionally takes time; (2) for me, I frequently don't feel comfortable charging for every hour I actually spend working on something, because it's un-affordable for my clients - yes, I really do do this to help people, not to get rich; (3) tons of time nurturing relationships; and (4) high overhead (not for me, but for many).   There's a lot more too it, such as scalability limitations too.  And, I'm not saying some lawyers are not striking it rich - it's possible if you're willing to do things I'm unwilling to do.  I'm also not saying most lawyers struggle - but more lawyers are struggling than people ever imagine from their public profiles (I know because I coach other lawyers too).

$250 is actually on the cheaper side.  I charge $265 currently, and 3 years ago I was negotiating a contract with some bigger Mpls firms who said they would bill me out at $350 to $400, which is what their lawyers with equivalent experience were charging back then.   Fees vary greatly based on experience, specialty, firm size and geography.   You pay more, but it's WELL worth it, if you hire someone with experience whose practice is focused on what you need done. Even within real estate there are different areas of focus, so you definitely don't want to hire a generalist who does more than two unrelated areas, like divorce, wills and real estate.     

And to respond to @Kyle Doney why I'm not "killing it" when I charge that much, the main reasons is that I cannot charge for the majority of work I do to keep myself into position to be able to charge that much.  It's a terrible business to be in if you want to make money, which is WHY I became a real estate investor :) 

Welcome back @Gregory N.! Once you've lived here, it's hard to stay away...except maybe during the winters! If you need legal help here, I'm ready to serve new REI clients.

Congratulations @Bryan Johns on choosing real estate - the best business plan out there IMHO. I mentor and advise investors if/when you decide that would serve you well. Meanwhile, I strongly recommend you start attending meetups and REI meetings whenever, and gobble up all the rich information available here on BP!

Byant:  I applaud your creativity and ambition!  I think it's a perfect request here. PM me to discuss further. -Heidi

Hi Elizabeth. PM me. I'm in NE Mpls and I love helping REI's make money and protect themselves!. I'm experienced in the legal, business and practical matters you are facing, as I've done it all myself in addition to helping clients. -Heidi

I just stumbled upon this, and I see nobody has responded. Probably that's because your question opens a mess of legal and tax questions, where there is no right answer, but there are several bad ones. I suggest meeting with some bankers who do a lot of creative REI deals. Let them give you the basics of JV financing and what structures they are seeing. But be sure to also talk to your lawyer and CPA, both of whom may spot issues unique to your situation that the banker is not equipped (nor responsible) to flag for you.

Each lender has their own risk tolerances, and some lenders will allow you to be the sole financial guarantor even if a poor credit-risk person is also on deed.  Others will approve only if you deed the property to an entity of which you are the chief executive. Yet others would require you to have the majority voting power.  And of course, some will never allow anyone in the deal who has poor credit, but I think that is not the norm in my experience.    

For these reasons it's good to start with the lenders, so you know what structures will be acceptable. (And because they don't bill you for their time!)

Good luck!
Heidi

You can call the City of Mpls utility billing. They can give you average water usage per adult or child in the aggregate and what that means for cost.  As Marcus alludes to, for residential properties the City forces you to buy waste disposal on the same bill. FYI, commercial properties are under no such obligation.  You'll have to ask the city what constitutes a commercial property; it could be small apartments qualify.  In any case, my water/garbage averages $65 per unit per month in my duplex, and $35 per unit per month for water-only service for my mixed-use property.