Buying or Selling a Home/Buying Home with others

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Expert: - 7/23/2009


Question
Hi

My friends and I want to put our money together and buy a place as a rental investment.  I know something in writing should be used, but do you advise us to open an LLC and create an operating agreement just on a house?

Thank You,
Michael

Answer
Your best bet, Michael, is to convene everybody into a local knowledge real estate attorney and put out on the table exactly what you want in a purchase agreement and under what conditions and events remedies are agreed to. My guess is the attorney may suggest a living trust . . . or an LLC if you expect to expand your investments later. It also allows you to split the sheets should things not work out the way you want. I do wish you well.

Dick Dennis
dixiedee13@aol.com

Buying or Selling a Home

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Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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