#im sure this has been done a million to one but heres my late contribution

[crnl-chicken-tots]

finally convinced myself to watch Victory and Death

ouch

[therealestatesparkblog]

Q & A With Real Estate Attorney: Structuring JVs, Newbie Closing Mistakes, and How to Build Your Team

Whether youre on your way to your first deal or your 50th, one thing you cant escape is the paperworkyouve got to get your deals signed, sealed, delivered. For that reason, one of the most important pieces of your team is your legal representation. You need lawyers for real estate, contracts, andeventually, as you graduate to developmentand use and zoning regulations. The Importance of Legal Representation in Real Estate In my case, one particular land use and zoning attorney single-handedly, overnight, took my business from two- and three-family properties to high rise developments. Because of thisI kid you notI ended up on the cover on my home countrys version of The Wall Street Journal, with words like glorious and tycoon used to describe me. What?!

Imagine that. Only in America. I started my real estate company in 2016, basically just picking up smaller duplexes and triplexes. In late 2017, my father, my nephew and I set up a development subsidiary. We started with $850,000 in seed capital to pursue more aggressive opportunities. Since then, weve exploded, inching close to $80MM in the development pipeline. One of the key components to that growth strategy has been how we structure our acquisitions legally. (And not legally as in not illegal, but legally like the legal composition of the transactions paperwork.) Structuring Deals as Joint Ventures My favorite method is through joint ventures (JV). In Q1 alone, weve gone under contract for over 200,000 square feet of buildable real estate. Altogether, when built, those properties have an estimated $56MM aggregate valueall through the JV. Dmitriy Ishimbayev runs his law firm from the 85th floor of the World Trade Center. This is us here, actually discussing the structure of one particular simple JV we thought we had in the books.

Since the deal isnt happening, Ill spill the beans. Hopefully the person who reneged will read this and feel embarrassed (since well most likely do business in the future). A piece of shovel-ready land (i.e., no approvals needed) on a corner lot by Temple University was for sale at $175,000owned free and clear. It was a decent corner lot. It didnt work as a straight buy at that price point. But it could work as a JV.

Gist of This Deal Sellers bring the land. I bring the capital. A third partner builds. We earn an even 33 percent for each. For this specific deal, we were looking at an ARV of $1 million at $600K to build. Usually you structure these a bit differently, but in this case, it turned out everyone actually knew each other. Happy days. Lets just keep it simple, I said. And well roll over the proceeds to a larger deal. Seller agreed. All agreed.We sent the contract and were just waiting for the signature. All of a sudden, the seller wants money. The third partner texts me with the news, asking, What price point would you consider it at for a straight buy? Im not interested, I responded. It doesnt work as an acquisition, only as a JV. I didnt care what discount the would offer me, a deal is a deal. So the deal was off. It is what it is. It happens. To be honest, I was doing the deal to let my 20-year-old rockstar associate KT build his own portfolio and earn his first promote. Lesson? A deal isnt done until the ink is dry. I mentor many young investors, either through advice or smaller co-investments. And they often ask, How do you talk landowners into giving you their land?! Well, its a little more complex than that. (Im going to write about this particular growth strategyand how I do itin detail in another piece.) At the end of the day, your paperwork has to be airtight. So I figured we should get the answers straight from the horses mouth: the attorney behind the activity. Q & A With Real Estate and Business Attorney Dmitriy Ishimbayev I went back to World Trade to sit down with Dmitriy. And boy, do I have some gems to share with you. In this question and answer session, we discussed mistakes newbie investors make, how to avoid them, and what every new investor should look for before, during, and after closing.

Whats up, D! Dmitriy Ishimbayev: Hello, Philip. Lets do this. You see a million deals on a daily basis, from single family to high rises. Whats the number one mistake you see real estate investors make contractually? I think the number one mistake real estate investors make is that they do not include the right contingencies. Or, even worse, they dont put contingencies at all. A lot of real estate dealsfrom tiny deals to complex transactionshave skeletons. And you, as an investor, should have an option to get out of the deal if the deal turns out not to be what you signed up for. When youre new to something, you really dont know what you dont know. Whats the best advice you can give young real estate investorsentrepreneurs evenas they get ready for their first deal, investment, or even business? I always tell my clients, be it entrepreneurs, real estate investors, or business owners, start building your team earlyand dont do it alone. Find people with experience in your fieldand that applies to mentors, lawyers, accountants, and other advisors. Does that mean find someone with decades of experience? Do not hire a lawyer just because he or she has 30 years of experience. Find a lawyer who has experience in what you plan to do. If youre an entrepreneur, find one who understands the fast-paced world of a startup. If youre a real estate investor, one who understands the complexity of a real estate transaction. But most importantlyas cliche as it soundsfind people who care about the success of your venture and who are interested in building a long-lasting relationship with you. What are the main issues you see come up during a closing period? In most of the deals, things come up the last minute, and you need to make sure that you have an experienced attorney who knows how to navigate the deal toward closing. Most delays happen because one party relies on the other party to do something (thinking, Well, it is not my responsibility) and loses sight of the end goal of everyonethe closing. So make sure your attorney stays on top of all the parties involved, the attorney representing the other party, lender, title company, brokers, etc. One of the issues that comes up quite often is people underestimate how long it takes to accomplish certain tasks, especially when you deal with lenders, coop boards, or municipalities. For example, to order a collateral for a simple co-op sale can take four to six weeks; getting an inspection done by the city officials can take weeks. The lesson: start early with all the paperwork and dont leave anything until the last moment. Some readers may be thinking, How do I do a JV? Whats the benefit of a real estate joint venture? JV is a great tool that allows you to be creative in how you structure a transaction. For example, in the Temple triplex deal [you mentioned earlier], each party had a unique asset or skill: one party was to contribute the land, another was to bring financing, and the third was to develop the project. Is this common and can other investors do this also? This type of JV is somewhat common for real estate transactions. The main benefits of a JV from a legal perspective are that it is very flexible and it allows to share the risks between the parties. Once you decide, however, to go the JV route, make sure you have a written JV agreement, outlining all the duties and responsibilities of all parties involved.

What other questions do you have about joint ventures? Let me know in a comment below! https://www.biggerpockets.com/blog/real-estate-attorney-jvs-mistakes-team

[tanricksfanficks]

Void S

Dying is always the easiest part. It happens fast. It's not without sensation and yet formless in feeling. If your senses allow, feel your self stretched thin in every direction yet compressed unable  to grasp at anything. When it happens you probably wont know it even did, that is unless you are a capsuleer. Waking up. This is everything I fear. More than the entropy that will consume all those I love, more than facing the contents of my wallet, more than being stranded in space and dying of hunger. First comes the light, it is radiant beyond measure. All at once you become conscious of everything you have ever known downloaded from countless clones who all met the same fate. Ten million neurons firing all at once forming every emotional pattern, every muscle memory, and every single nerve connection simultaneously. No pain can compare to this, or so I thought.

I was stolen at some point, as it was customary for all capsuleers, and for the most part so were any memories of my youth. They insisted during pre-op that it was “necessary to make room”. The concept, as it was told to me at the academy, is that the conscious mind is anchored at a specific frequency and can be copied through several layers of scanning. A small tool that acts as a catalyst is implanted to transmit this information. During the time they have you under they upload what amounts to a collection of electrical impulses and variables that make up who you are to a database and erase what the deem “unnecessary”

Becoming a capsuleer is no accident.  The selection process is a combination of biological compatibility that is determined at birth and progress closely monitored by whatever corporation you happen to belong to. No one person is truly free, though agents and capsuleers are thought to be the most open ended professions. This is only true in part. While after your training is complete you are ultimately left to do what you would like, without our shared cooperation and influence in this vast waste it would slowly wilt away. These are things they look for during schooling and on your tests. They force you into situations with candidates doomed to fail and see how far you can take them. Despite definite hierarchies among the corporation we are all trained to be leaders. They test the boundaries of our resourcefulness constantly and stretch our creative focus.   

Your final test is a state of the art simulation. You are not given warning. This is the first time you understand the control they have over your consciousness. One moment you could be in class, or in a bed, or even on the toilet. The very next moment, the only thing you are aware of is an impending sense of urgency and the sounds of a commander hailing you. After finishing their menial tasks and showing you can operate under extreme duress they let you dock at home for the first time and the simulated scientist you rescue gives you some information regarding your results and provide you with a list of agents. While I have only heard stories, this test is rumored to be used in every system for its efficacy. For reasons not understood they cant seem to wipe out your demeanor. I'm still not sure how someone as lazy as I am made it here. My name is Nifahn and this is my story. 

1.Cash Flow For Capsoleer's

BROADCAST: WARP TO LUCIAN ENGLEWIND WITHIN 0 KM. Roaring into every com-channel the moment had finally come. I reacted instinctively and aligned to the last read coordinates with only a 10 second delay. '9.9 AU TILL BUBBLE COLLAPSE'  Aura read out in her familiar calming voice. Before my scanners and hull could compensate for the loss of momentum I felt the familiar shudder move through my hull my pod and my organs.  An Interdictor. Far too late for me to change course I frantically signaled the remaining fleet members coordinates outside of the Interdictor's bubble range before we all met the same fate. Interdictor's are built for one purpose; stopping you where you are and preventing you from warping at a much greater range and efficiency than traditional warp scramblers. I knew quickly after coughing up blood that this clone wouldn't last the day and if we were going to survive someone would take the fall. 'Inevitably' I thought as I flipped on my after burner and aligned for the Interdictor and readied my guns.

Just as I was confident in the necessity for sacrifice to save Lucian's MACH V- Thrasher, I felt an immense yet comforting shadow. Melkezedech's raven nearly eclipsed the small star behind me and without even glancing at my scanners I recognized the torpedoes flying past my own ship and crashing into our new friend. “ Now this is a party bois” I heard called over the Fleet-Com. Scopio in his usual fashion finally decided to join and warped directly into the interdiction bubble undoubtedly killing him instantly as his clone did not respond or even attempt to eject before he got caught in the crossfire and his ship was turned to ribbons. BROADCAST: TARGET: ENDER WIGGING. “YEAH IM ON IT” I yelled into Fleet-Com in response to Lucian's broadcast. My scanners finally compensating for the anomaly brought up details on all of the targets I was able to scan within range. “REMOTE REPS ON LUCIAN” I called out realizing how little time we really had when suddenly the worst happened. My scanner started to acknowledge the ever growing number of signatures in the surrounding area “AMBUSH!!!!!!” I bellowed into Fleet-Com. As if in response ships of varying sizes and quality started uncloaking as a unit and hell was upon us. “A Gallente naval fleet this deep in Caldari space?” Melkezedech said trembling. “This could only mean one thing Fleet Commander Lucian” I called out knowing what we all were afraid to say. The treaty was broken, and we were at war.

After an eternity that was only a matter of seconds a communication channel was broadcast to each of us “Hailing Fleet COACA This is Commander Hans of the Gallente Federation you are hereby ordered  to stand down your station and your clones have been destroyed your fleet and your commanders captive”. 'Mortality?' I thought mockingly 'this is turning out to be a better day than I anticipated' looking down and seeing the blood still fresh on my sleeve. “You have one chance to comply.” He said. “We have use for good pilots and I would hate to waste that for your pride”. 'Live to fight tomorrow' I saw on my personal com-channel with Lucian. I knew I was fading and despite embracing the final rest many times over today was not the day I would die. “Calling  Commander Hans, this is Squad-Leader  Nifahn requesting medical assistance. I caught the interdiction bubble at near maximum warp speed.” His response was well met. “ Having survived that you earned it. You may dock on our command ship where help will be on the way”. 'Wher-' I thought before the behemoth uncloaked and completely eclipsed any light coming from the nearby star dwarfing both fleets combined. Docking in my first command ship was everything I imagined. The help was already at the door and with my job done I closed my eyes and fell deep asleep.

Waking up. Any injury I sustained was brilliantly taken care of, or I just had the smoothest clone transfer in my life. Upon surveying the room I found my self in the company Melkezedech who looked very little like we had just lost our fleet. “ Welcome back. Do you want the good news or the bad news?” He asked. I glanced at my wrist and affirmed that this was the clone from the battle having been healed marked by the number one drawn on my wrist indicating how old my clone was. One being a week This was a considerable time for the life of a clone, at least for my self. My main source of contribution to our fleet was gate checking. Our station had a struggling market and in an effort to become more efficient started policing and removing anyone who made the the main trade routes unsafe. This became exhausting the more available cloning became. After taking some time to reflect on the events prior I chuckled, “If there is good news to be heard then it cannot wait”.  

Lucian walked in smirking like every other time I have encountered him. “We are all free men, so long as we maintain a channel with our would be captors and respond to distress calls from any Gallente relay. We are also jump locked to this system”. “Clones?”I asked.  “They are now compliments of the Federation. For the most part our job hasnt changed.” Lucian told me with a laugh. “The bad news.” Melkezedech said cutting Lucian's laugh short. “The war is already over. All reports say The Forge is the final stronghold and its folding fast”. My head began throbbing. “I couldn't have possibly been  out that long” I pleaded. “There was a betrayal at the capital. All of our commanders were given false information about a mass invasion force that ended up being a series of traps. General Nivek has taken command and as far as anyone can tell is the only remaining obstacle for the complete annihilation of the Caldari Council”. I took a deep breath and tried to find an answer. There was no scenario that they would succeed at escaping their captors and making it to our remaining forces. “I think its time we get you to your agent.” Lucian said breaking a long silence. “So that's it Fleet Commander Lucian?” I said mockingly. Lucian looked back for the first time his face reflecting the situation we were in. “Well we are alive anyway”.