Partnering for profit david campbell and jeff lerman
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Transcript of Partnering for profit david campbell and jeff lerman
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www.HasslefreeCashflowInvesting.com
Partnering for Profit…and How to Avoid the Pitfalls
David Campbell Hassle-Free Cashflow Investing
Jeff [email protected]
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David Campbell - FounderHassle-Free Cashflow Investing
Former high school band director Self-made multi-millionaire
Real Estate investor / developer / brokerFinancial educator / author / speaker
Houses, condo-conversion, multi-family, winery, resort, office, retail, medical office, production home building
Faculty Member: Investor Summit at Sea with Robert Kiyosaki
www.HasslefreeCashflowInvesting.com
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Jeffrey H. Lerman, Esq. Jeffrey H. Lerman, Esq.
•Featured expert—TV, radio, newspapers•2007 President, Marin County Bar Ass’n.•“The Real Estate Investor’s LawyerTM”•Chair, CA Bar Real Estate Litigation Section •Chair, Marin County Bar Real Property Section•General Counsel, 2 RE syndication companies•30+ yrs experience•Real estate investor•Real estate broker
www. RealEstateInvestorLaw.com
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Jeffrey H. Lerman, Esq. Disclaimers & Cautionary Notes
This educational seminar is not a substitute for getting your own legal advice. This webinar is offered with the understanding that the speakers are not offering legal or other professional advice. Any actions with regard to the information contained in this seminar should be undertaken only upon the advice and counsel of competent legal and tax professionals. Receiving this information does not create an attorney-client relationship between you and the speaker.
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Jeffrey H. Lerman, Esq. Disclaimers & Cautionary Notes
This educational seminar is not a substitute for getting your own legal advice. This webinar is offered with the understanding that the speaker is not offering legal or other professional advice. Any actions with regard to the information contained in this seminar should be undertaken only upon the advice and counsel of competent legal and tax professionals. Receiving this information does not create an attorney-client relationship between you and the speaker.
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Disclaimer
I’m not your lawyer.David’s not your
advisor.
You can’t sue us.
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www.HasslefreeCashflowInvesting.com
ProfitMoney + Time + Hassle
ROI =
More profit with less invested
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Today’s VIPs(very important points)
• Develop relationships with strategic partners• Cultivate those relationships to acquire great investments• Invest without worrying about getting financing• Position yourself for incredible investment returns• Protect yourself from your partner’s problems• Structure your joint venture and document your deal• Minimize partner disputes and stay out of court• Avoid the securities laws completely• SPECIAL INVITATION!
www.HasslefreeCashflowInvesting.com
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High School Band Director ($37,000/year)
1995-2005
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My First Real Estate Purchase 2 bed / 2 bath condo
Stanton, CA (Orange County)
Bought: $137kSold: $197k
2000-2001
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www.HasslefreeCashflowInvesting.com
My ticket out of the rat race!
David’s Dandy Bright
2002
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www.HasslefreeCashflowInvesting.com
Lake Elsinore, CA I-15 & Hwy 74
Year: 2002
1.5 acresfreewayfrontage
$200,000nothing
nothing
nothing
nothing
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www.HasslefreeCashflowInvesting.com
what I was thinking what my wife was thinking
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www.HasslefreeCashflowInvesting.com
Year: 2012
1.5 acresfreewayfrontage
$770,000 -$1,200,000
$570,000 profit / $40,000 investment = 1420% ROI over 10 years = 142% annualized
Costco
Lowes
Staples
Walmart
24 hrfitness
Walgreens
Starbucks
Gamestop
Home Depot
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Lake Elsinore, CA
Bought: $300kSold: $460k
Bought: $270kSold: $420k
Bought: $275kSold: $450k
Bought: $285kSold: $485k
2002-2004
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Patterson, CA
Bought: $270kSold: $450k
Bought: $290kSold: $460k
Bought: $275kSold: ???????
2004-2005
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Jeff Lerman says to young David Campbell
“If you find a good deal bring it to me and I’ll fund it.”
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30 unit condo conversion - Vallejo, CAEquity Partner + Hard Money Lender + Manager
Bought: $3,000,000Rehab: $600,000Sold: $4,800,000
2005-2007
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BEFORE AFTER30 unit condo conversion - Vallejo, CA
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30 unit condo conversion - Vallejo, CA
BEFORE AFTER
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Development of rental homes in Dallas-Fort Worth
Development
2008-2012
Capital
Sales
entrepreneur
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2011-2012
ConstructionLeasing
Management Equity
Debt
Distressed Strip Mall
entrepreneur
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2011-2012
Construction Management Equity
Leasing / Anchor Tenant
Conversion from Bank to Medical Office
entrepreneur
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David Campbell on the teaching faculty of the Investor Summit at Sea with Ken McElroy- best selling author of ABCs of Real Estate Investing
2011-2012
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David Campbell on the teaching faculty of the Investor Summit at Sea with Robert Kiyosaki - best selling author of Rich Dad, Poor Dad
2012
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poll
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“Why This May Be the Ideal Time to Buy Real Estate”
“The real-estate sector, for the first time in years, is serving as a beacon of relative strength in an otherwise weak economy… Some of the
world's smartest investors, including Warren Buffett, are taking notice, placing big bets on a continued recovery in the housing market... [M]ost economists say the odds are good that real estate will be stronger over the next few years than it has been in the past few… That has caught the attention of many investors, including Mr. Buffett, who in February
said he would buy "a couple hundred thousand" homes if it were practical… "There's great opportunity in actually buying residential
homes directly for investors who have the capital," … "Prices are clearly turning the corner, and housing affordability is the highest in a
generation."
August 3, 2012
May 21, 2012 May 21, 2012
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“Why This May Be the Ideal Time to Buy Real Estate”
“If you were thinking about making a move on a piece of property, right now is possibly the best time….
… Although prices are still near 2003 levels, the signs of an impending resurgence are everywhere you look….
For Americans who either have cash to buy or a credit score good enough to obtain a mortgage, there’s still time to get a killer
deal on real estate, but that window may be closing. If your
finances can support it, now appears to be a great time to buy.”
May 21, 2012
May 21, 2012 May 21, 2012
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What’s Holding YOU BackFrom Taking Advantage of What Could Be The Best Time In Our Lives
to Invest?
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What’s holding you back?
poll
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What’s holding you back?
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Band Director
DeveloperSyndicator
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www.HasslefreeCashflowInvesting.com
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Jeffrey H. Lerman, Esq. Lerman Law Partners, LLP
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Profits
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Diversification
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Growth
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Time
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Fun
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Connection
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Accountability
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Profits
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Cheaper
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Easier
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Faster
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Copyright 2004 © Lerman & Lerman – All rights reserved.
Safer
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Copyright 2004 © Lerman & Lerman – All rights reserved.
CHeaper
Easier
Faster
Safer
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Copyright 2009 © Lerman Law Partners, LLP – All rights reserved.
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Copyright 2009 © Lerman Law Partners, LLP – All rights reserved.
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www.HasslefreeCashflowInvesting.com
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Working with PartnersDeal-Time-Money-Credit
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Working with Financing Partners
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Working with Financing Partners
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Forming Partnerships to Buy
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Forming Partnerships to Buy
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Some Partnering Pitfalls
No written agreement Agreement written by non-lawyer Agreement written by inexperienced lawyer No oral agreement Communication breakdown
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Real World Case Study• 2 partners• 3 real estate development JVs• 10 years• Multi-million dollar dispute• Primarily involved issues of how
additional capital infusions should be characterized : loans v. capital contributions
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Copyright 2008 © Jemic Enterprises, LLC, A Delaware Series LLC, Investor Education Institute Series – All rights reserved.
Most Common JV Disputes
Breach of fiduciary duties (good faith, care, loyalty)
Whether partner has fulfilled promised commitments of time, money or effort
Expulsion Buy-out amounts
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Copyright 2008 © Jemic Enterprises, LLC, A Delaware Series LLC, Investor Education Institute Series – All rights reserved.
Most Common JV Disputes
Profit/loss allocation and distributions Admitting new partners Re-allocations due to changed
circumstances Unauthorized acts
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Copyright 2009 © Lerman Law Partners, LLP – All rights reserved.
#2: What is the best form of ownership for you and your
partner?• Partnership Form
–General Partnership –Limited Partnership –Limited Liability Company
• TIC –Advantage: allows partners to
make different choices re 1031 on exit
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Copyright 2008 © Jemic Enterprises, LLC, A Delaware Series LLC, Investor Education Institute Series – All rights reserved.
If you’re considering TIC……then each individual tenant in
common again confronts the entity question
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Copyright 2008 © Jemic Enterprises, LLC, A Delaware Series LLC, Investor Education Institute Series – All rights reserved.
#11: What If More $$ Is Needed?Required or not?Caution: 3rd party creditorsIf required:
– Who decides?– Procedure?– Timing?– Consequences if there is a cash call
default?– Loan?
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Copyright 2008 © Jemic Enterprises, LLC, A Delaware Series LLC, Investor Education Institute Series – All rights reserved.
#11: What If More $$ Is Needed (cont’d)?
– To the entity?– To the member?– Terms?– At what point
dilution? At what point
should the venture be terminated?
Consider representation and warranty re
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15 Other Key QuestionsEvery Investor MUST
Discuss With Their Future Partner BEFORE Entering A
Joint Venture…Or Else
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A team of experts presents a 4-1/2 hour content-rich webinar (no back-end pitches; this was the MAIN EVENT) where investors just like you learned cutting-edge strategies to:
Find just the right strategic partner to meet your needs Convert your properties from problems into profitsAvoid foreclosureAvoid bankruptcySave your creditFind great investmentsInvest without worrying about getting financingInvest with bad creditPosition yourself for incredible investment returnsHow to use your self-directed IRA funds to invest with a partner
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Plus, they learned the most common mistakes and how to avoid them.
Plus, essential techniques every investor MUST know when dealing with partners, including:
How to protect yourself from your partner's problems (including potential future bankruptcy!)
Alternative structures for your joint venture
How to minimize partner disputes and stay out of court
How to document your deal
How to protect yourself from the "deadbeat" partner
How to avoid the securities laws completely (this is NOT a syndication seminar)
And much, much more!
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Joint Venture Agreement Form
(this form alone would cost you at least $1,000 if you paid me to
create it)
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Testimonials
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Tom AndersonCEO and Founder of Pensco Trust Company, the country's only single-
service special asset custodian for self- directed IRAs.
Stephen Moskowitz, Esq.Senior Partner, Law Offices of Stephen Moskowitz, LLP
Robert HelmsA national television and radio personality and real estate
syndication expert
Jeffrey H. Lerman, Esq."The Real Estate Investor's Lawyer“sm and 2007 President of
the Marin County Bar Association
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Lerman Law Partners, LLP Jeffrey H. Lerman, Esq.
72
Agenda
YOU WILL NOT BE ABLE TO HEAR THIS THROUGH YOUR COMPUTER
SPEAKERS! YOU MUST CALL (641) 715-3222
AND DIAL ACCESS CODE 613-149-968
Copyright 2008 © Jemic Enterprises, LLC, A Delaware Series LLC, Investor Education Institute Series – All rights reserved.
AGENDA
Business Legal Tax Using Your IRA 1031 Exchanges Q & A
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BONUS #1
Free 15-minute Legal Consult With Jeffrey H. Lerman, Esq. (Value $120)
1st 10 Only
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www.HasslefreeCashflowInvesting.com
Strategy consultation with David Campbell
you’ll learn how to
* Develop relationships with investor partners* Best practices for ongoing investor relations* Find & evaluate deals* Divide benefits between you and your partners* “Get out of the rat race” forming partnerships
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BONUS #2
ACTION BONUS30 minute follow up consultation
with professional investor David Campbellto brainstorm your plan into
ACTION
1st 10 Only
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100% Satisfaction Guarantee
If you are not satisfied for any reason, simply notify us within 30
days after your receipt and we'll give you a 100% refund. This does not constitute a guarantee, warranty, or prediction regarding your results.
This is only a guarantee that you will be satisfied with the content of this
educational product.
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SummaryWHAT YOU GET WHAT IT’S
WORTHYour 15-minute legal consult $120
Your Action Plan Brainstorming Session $150
Joint Venture Agreement Form $1,000
4.5 Hours With Experts $1,600
TOTAL: $2,870
www.hasslefreecashflowinvesting.com/video/partnering-for-profit
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www.HasslefreeCashflowInvesting.com
Q&A: Partnering for Profit
David Campbell Hassle-Free Cashflow Investing
Jeff [email protected]
www.hasslefreecashflowinvesting.com/video/partnering-for-profit