Welcome to the REI Foundation podcast
where we cover all the steps and
strategies to make your real estate
dreams a reality now your house Jason
and peely whoa again welcome to another
edition of the real estate investing
foundation podcast it is multi-family
Monday and coming off just working on
our investment summary and put together
our documents with our securities lawyer
we thought it would be an ideal time to
talk about just why it is necessary and
most important to have the right team
members on your team specifically
lawyers right you're going to be now
dealing with the security if you're now
an innocent ocation you're going to be
bringing on investors in a passive
environment we're gonna be off of them
security in terms of the offering
presented for the apartment building
that you're going to be bringing to the
table and having the right securities
lawyer on your side who's able to
protect you and for the other the right
piece is to one make this investment
successful but also help you now cover
all the bases that need to be need to
happen is very very important to say the
least so for you you need to be specific
what you want and then ask questions of
that lawyer have they done this type of
work before they familiar with this type
of work do they invest themselves what
are their suggestions gonna be on the
offering are they gonna look through
your summary where do they start and
where they do they stop or are they
going to help you form the entities your
LLC's or your partnerships where are
they gonna stop the starting are they
gonna do your filings all this is
important because ideally if they're not
doing it either you or not someone else
is gonna have to do it so finding out
your lending partner how it's gonna work
because this time to be able to create
the PPM it's time that you can't
officially have investors being signed
up and now having money come to be able
to close the deal so if you need to
close a deal in in 45 days and you don't
have this lawyer set and now you're
thinking about what you need to do you
don't really know the questions to ask
you trying to put this lawyer in place
and this lawyer now has a lot of
questions a lot of information you're
going to need from you about your deal
about your team members about yourself
about your lending environment that's
all gonna have to get
up into the people who prepare it may
take them four or five weeks to create
this so now if you have to close in 45
days and now you have to take four or
five weeks that be able to have this
paperwork come back to you and we get
this paper back it worked back to you it
adds a hundred and ten pages hundred and
twenty hundred and thirty pages you're
now gonna have to be able to give this
to your investors allow them adequate
time to be able to peruse it go through
it go through it with their lawyers go
through it with their significant others
to understand it come back with
questions and then get this signed and
back over to you all before you came out
of fund you can see how this can become
a very difficult thing in timing so for
you make sure you have the right team
members in place have these
conversations prior to getting into the
deal so you know what's going to be
needed the steps are gonna be needed
what they're gonna do for you when this
actually gets the point you find this
great deal and that's how you be
successful set yourself up for
everything that's gonna happen because
so many things are gonna happen that you
don't expect you don't want things that
you can control to be the ones that are
really now haenyeo okay
happy Monday I know
thanks for tuning in to the REI
foundation podcast check back next time
for more awesome tips and strategies to
launch your new you in real estate
