All Forum Posts by: Johnson Joseph

Sounds good. If for some reason we are not able to structure in an LLC what ways can I cover my investment? @Joseph Firmin

@Joseph Firmin Thanks for your response. I figured that would make things easier. If we decide to purchase the home under the LLC would it require both members of the LLC to be approved for financing from the lender?

Hi everyone,

I am in the process of partnering up with a friend of mine on a JV on a real estate project. I would like to get some insights from people that structured JV and different ways to go about it.

Here's the layout of the partnership structure.

- Property is located in South Jersey where my friend is located.

- Purchase price 190K

- Appraised at $250k

- Property is a duplex minimal work is needed.

- 50/50 on the down payment (25% down payment)

- 60/40 on the cash flow from the rent. My friend has 60% I will have 40%

- 60/40 on the equity. My friend has 60% I will have 40%

- My partner information will be listed on the mortgage and deed.

- My partner will be in charge of all accounting profits/losses.

- I currently live in Los Angeles

- General Partnership Agreement has been created.

- No LLC is formed and my information is listed on the deed.

One reason why my name is not listed on the mortgage for this project is that it would free me for another project which we would partner up and I would be listed on that mortgage.

Some concerns I have should we create an LLC together? Should I have my information listed first project mortgage/deed?

Thank you.

Hi everyone, 

I am in the process of partnering up with a friend of mine on a JV on a real estate project. I would like to get some insights from people that structured JV and different ways to go about it.

Here's the layout of the partnership structure.  

- Property is located in South Jersey where my friend is located.

- Purchase price 190K 

- Appraised at $250k

- Property is a duplex minimal work is needed.

- 50/50 on the down payment (25% down payment)

- 60/40 on the cash flow from the rent. My friend has 60% I will have 40%

- 60/40 on the equity. My friend has 60% I will have 40%

- My partner information will be listed on the mortgage and deed.

- My partner will be in charge of all accounting profits/losses. 

- I currently live in Los Angeles 

- General Partnership Agreement has been created.

- No LLC is formed and my information is listed on the deed.

One reason why my name is not listed on the mortgage for this project is that it would free me for another project which we would partner up and I would be listed on that mortgage. 

Some concerns I have should we create an LLC together? Should I have my information listed first project mortgage/deed?

Thank you.

Thank you, @Spencer Hilligoss, I will take a read at the forum. 

I've been in discussion with a wholesaler in Cleveland that's selling a distress multi-unit commercial (5 residential units & 1 retail space) property in Cleveland, Ohio in the Glenville area. The property needs complete rehab I am considering the investment as a rental and wanted to get some insight from investors that's have done or in the process of doing any deals in the surrounding area of Glenville Cleveland, Ohio. Any challenges you may have faced? What do look for? etc. 

Any resources I may be able to connect with being that I will be investing remotely. 

- Real Estate Agent 

-Contractors

-Property Management Companies 

-Attorney 

Thank you 

@James Wise

Make sense, great insight thank you for sharing! 

@Kent Kiess Yes if you don't mind that would be great! 

Thank you both!

 Got it! Thanks for the insight @Allan Szlafrok

@Jarod Dudley

That’s great!

Yes, I am in Los Angeles, that would be great to meet and chat more.

@Jerry Padilla

Typically, what type of banks or lenders should I look into?