Need Advice For A 3-man Investment/development Team
I have put together a 3 person team and we are going to try and do some deals together. The 3 of us all have regular jobs in the real estate world (one guy owns a prop. mgmnt co, one guy deals with structuring deals and lining up the financing, and the other guy is a lawyer that deals with real estate deals all the time). Our thought is that we can pool all of our talents to build ourselves wealth instead of everybody else like we do in our day-to-day jobs.
I need suggestions as to what types of deals we should get into......developing something? Multi-family? Commercial?
I'd love to hear your ideas.
Thanks
Excellent networking group How is everybody's credit scores that is the first question has everyone or at least the strong guys got themselves pre- qualified?
There are a number of things to consider. Talk among your group and figure out each persons long and short term financial goals and what they expect real estate investing to do for them in those goals. There may be a way to serve multiple goals depending on how creative you get.
You may consider purchasing some sort of rental property that you can hold jointly. I would probably consider an LLC. You will likely have to pool your financial resources and purchase a property in your own name as tennants in common. Immediately transfer the property to an LLC.
There is so much to consider here and I guess the most important thing is to figure out where you want to go. It seems that rentals might be the way to go because you already have a property manager that will handle the property.
Good luck and feel free to post more questions. Read around here and most will be answered. Keep in mind that the more specific of a question, the better answer you will get.
Congratulations, I see the beginning of what may develop into a "Deal Shop".
Of course that is really the goal when you terminate your day jobs as they are now interfearing with your Real Estate Activities as the mighty Trio.
You may decide to bring in a few more specialists. Perhaps in time a builder, not so much a contractror nice but some of our best builders are incapable of realy handling tools.
Then a Planner or Architect or Engineer depending how deeply you become involved.
Finaly the heavy heavy guns of money. Stop paying for bridge loans by having an inhouse source of funds.
Then as it must to everyman perhaps the inhouse Real Estate Broker/Realtor this makes a lot of things easier. For example you might move on and open an Escrow Division. Now you get to keep those fees inhouse. Oh it is so much fun the ability in house to have people capable of all those related tasks.
Sky's the limit. By the way where is the Appraiser?
Lauding Loudly Lucius
just my 2 cents..you have the makings of a real winning team..im somewhat in the same position, but not to extent of background expertise..put together a business plan and stick to it..now, since the background is diverse yet still relating to CREI, i would switch hit, such as one partner knowing the lending side maybe learn how to sub-2 or l/o, or, a listing agent might want to learn rehabbing, etc etc..
i have found from other business partnerships (one being very recent, going far south) that knowing the others forte', not intimately but a strong knowledge base, will compliment each others ability and know each others weaknesses..it also eleviates the blame game and dampens animosity..if you understands what it takes behind the scenes to put the final project together..i believe if one sticks only to to what one knows the best the team becomes secular and almost working independant of one another struggling to reach the same goal..i think treating your partnership like a machine works-- a v-8 motor will still run on six cylinders..
im real glad you posted this, its fun to think of developing perfect and ominous investment team.. no matter what deal or plane your on, your ALL still on the same page..i have been in search of this for very very long time...hope evrything works out great..
regards-pat