If you missed the Free Downloads and Articles of our last newsletter, click here
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and a Happy Thanksgiving.
John Nuzzolese
John@theLPA.com
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Beyond the Handshake - How to Invest in Real Estate With a Partner
by Attorney William Bronchick, Legalwiz.com
Working with one or more partners on a real estate deal is frequently a wise decision, if not a necessity. For beginning investors, taking a partner helps offset the risk of even a small investment. More experienced real estate investors may want to take on partners for the same reason, since as the deals get bigger, the risk becomes greater. Furthermore, individual investors can often benefit from the wisdom, experience, and diverse perspectives that partners can bring to the table.
But of course, there are pitfalls to the concept of partnership. Many friendships and even familial relations are ruined due to misunderstanding, negligence, incompetence, or just plain bad luck associated with doing business - not to mention the financial impact of partnerships gone wrong. To avoid these dire consequences, you should always have a formal partnership agreement drafted by an attorney, and you should always establish your partnership as an official, legal business entity.
General Partnership - Just Say No!
A general partnership is established by the simple act of doing business. It does not have to be registered with any governmental body, although it can be formalized with a written agreement. Legally, there is protection for you from the liabilities your partnership creates, which means that your personal assets could come under attack by litigants against your business. Furthermore, your business assets could could be seized for actions related to the misdeeds of your partners. In other words, do not operate as a general partnership if you engage in a continuing business relationship with any partners.
To Incorporate or not to Incorporate?
A vastly superior business entity, easily the most popular, is the corporation. By incorporating, you and your partners establish a legally distinct business entity with its own equivalent of a social security number (called an EIN, or "employer identification number"). In fact, a corporation is technically considered a "fictitious person." Thus, unlike a general partnership, a corporation is legally separate from any and all "partners" - or to be more accurate, "shareholders."
There are many advantages to incorporating....
click here for the full article...
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Lease Co-signer Agreement
The Lease Co-signer agreement may be required in a case when the prospective tenant's references or credit is not satisfactory for the landlord or agent. If you feel there are no better prospective tenants to select, the Lease Co-signer Agreement will make an additional party responsible for the tenant's performance on the lease. You MUST fully check out and credit-qualify the co-signer with an application (preferably an LPA Rental Application) as you would the tenant.
FREE LPA Form!
 Lease Co-signer Agreement
This Free Download has expired.
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Tenant Excuses
"My brother just got out of jail and broke in and stole our money. You have to wait till we get it back." - Get it back? I hope so and soon. I already called my lawyer. - M.R., in NY
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Quotations...
"He that places a feast of knowledge in front of a starving mind, Not only fills and empty heart, but quenches a thirst divine." -Dylan Martin
Behind every great idea is someone saying "it won't work". - unknown
"A mind stretched to a new idea, never goes back to its original dimension". - Oliver Wendell Holmes
"How much did your last tenant problem cost you?"
- John Nuzzolese
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Books by LPA Members
The Landlord Protection Agency is proud to promote the following landlord books written by LPA Members, Timothy Spangler, Tony & Sandy Midea and Dan Auito. Just click on the book for more information about it.
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