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About Troy Labani
Expertise
I can not answer legal questions or provide legal advice, but other than that, I can answer most questions regarding Multi-family purchase, management, ownership, finance, maintenance, repositioning, and marketing. I can also answer almost any question related to the development or maintenance of the physical plant.
Experience
I have been in the apartment business for 18 years. I started in the business as a maintenance supervisor, with the intent of learning all aspects of the industry from the bottom up. It took me about ten years to work my way to the ownership of my first property, and my own management company. I have semi retired now, and occasionally participate in partnership deals and consulting for institutional investors and private investors acquiring apartment properties throughout the US.
Education/Credentials
My formal education was through the University of Maryland during my Air Force career. I have completed multitudes of courses from various industry associations in the apartment business.
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You are here: Experts > Real Estate > Commercial Real Estate > Commercial Real Estate Investment > Buying out Partner
Expert: Troy Labani - 10/6/2009
Question
My brother and I are going in on a property together. If one of us decides to get out in the future, and the value of the property has gone up, how does the remaining owner proceed forward with keeping the property?
Answer
Jason,
There are several ways in which to "own" property. The structure that you use has an affect on how you exit.
The possibilities include partnerships, LLC, Tenants in common, and several other more obscure formal arrangements. These entities are all very different and can be very complex.
NO matter what mechanism you use, it is imperative that you engage council (an attorney) to assist you in choosing the appropriate form that best suits your immediate and future plans. A local real estate attorney can guide you successfully, and will be well worth the expense in avoiding ugly unforeseeable problems in the future.
I realize that you would probably have preferred that I had just given you a simple "how to" on this, but honestly, that would be a grave dis service. I hope you understand and appreciate that.
I hope this is helpful, and I apologize for having taken so long to get this back to you. It is unusual for me, but my schedule has been very full recently.
Good luck, and feel free to ask further questions if you feel I may be of some help.
Sincerely,
Troy
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