Joint Ventures, Corporations, and Disputes

legal dispute

Getting Married Is Easy; It’s The Divorce That’s Tough!

Joint Ventures are a very popular topic with real estate investors, maybe the most popular topic. We all talk about them. Sooner or later most of us get involved in Joint Ventures.

In a nutshell, the basic Joint Venture is two people getting together to acquire a piece of real estate. The details of your Joint Venture are contained in a contract known as a Joint Venture Agreement or JVA. A good Joint Venture Agreement is very detailed and tailored to the circumstances and requirements of the participants in the JVA.

One major concern for all Joint Venture participants is, “how do we settle disputes”?

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Joint Venture Presentations

HandShake

How Not to Overload
a Potential Joint Venture Partner

We all do it, overwhelm our potential new joint venture (JV) investor with paper and PowerPoints.

We know so much about our strategy and properties that we just can’t resist making sure our newfound potential investor really gets the picture. Statistics, charts and reams of detail are thrown at someone who doesn’t have a clue about investment real estate and joint ventures.

Five minutes after you start your one-hour presentation you can see their eyes glaze over. Uh oh, this isn’t going well… How about a different approach? Continue reading

A New Approach to Joint Ventures

HandShake

Over the years I have worked on and drafted quite a number of Joint Venture Agreements (JVA).  Some people are comfortable drafting their own JVAs.  Some folks are more comfortable after taking my Deal-Ready Documents course.  However, for most folks, they want to get our help in finalising that JVA.  I would say the percentage is about one third DIY and two thirds where people are just more comfortable with a lawyer helping them out.

When someone wants some help with a JVA sometimes they say, “I’m okay with the agreement generally, but I need help with a few clauses”.  Or sometimes they say, “I’m attaching my template JVA, can you please review”?  My real estate partner Richard Bell and I used to help out with these requests, but we have decided that neither of these scenarios are completely satisfactory.  Why? Continue reading

Fourplex Puzzle (Part One)

Podcast Episode 23:  “Fourplex Puzzle (Part One).”

Things to consider when changing your real estate strategy from single-family to multifamily. How your success changes the attitude of family and friends. One way to raise your multifamily down payment.

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

Fourplex Puzzle (Part One Handout)

Text Notes for Podcast Episode 23: “Fourplex Puzzle (Part One).”

Things to consider when changing your real estate strategy from single-family to multifamily. How your success changes the attitude of family and friends. One way to raise your multifamily down payment.

Download the handout (Mac control + click + “save as” / PC right click + “save as”) HERE. Continue reading

How Snoopy Should You Be?

Podcast Episode 22:  “How Snoopy Should You Be?”

Commercial financing of real estate, (usually six units or more ) is different than retail financing. Lenders have their own lawyers and require more diligence. If buying in a corporation your lawyer usually has to provide the lender’s lawyer an opinion that your corporation is properly incorporated with the power to make a purchase and mortgage property. Your minute book must be up to date or delays will occur. Lenders usually won’t lend to someone who has gone bankrupt. In a joint venture ask your partner, “have you ever been bankrupt?”

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

How Snoopy Should You Be? (Handout)

Text Notes for Podcast Episode 22: “How Snoopy Should You Be?”

Commercial financing of real estate, (usually six units or more ) is different than retail financing. Lenders have their own lawyers and require more diligence. If buying in a corporation your lawyer usually has to provide the lender’s lawyer an opinion that your corporation is properly incorporated with the power to make a purchase and mortgage property. Your minute book must be up to date or delays will occur. Lenders usually won’t lend to someone who has gone bankrupt. In a joint venture ask your partner, “have you ever been bankrupt?”

Download the handout (Mac control + click + “save as” / PC right click + “save as”) HERE. Continue reading