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MIC vs Joint Venture Partner?

Y

yourchoicehomes

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We have been in the real estate game for about 7 years. We own about 10 properties all ranging in size from duplexes to one 11 suite apartment. We want to do more deals and are trying to figure out if it is better to find a Joint Venture Partner or develope a Mortgage investment Corporation. Our goal is to create a way to generate money to invest into multi-family properties...thanks for any and all advise!
 
QUOTE (yourchoicehomes @ Apr 6 2009, 03:48 PM) We have been in the real estate game for about 7 years. We own about 10 properties all ranging in size from duplexes to one 11 suite apartment. We want to do more deals and are trying to figure out if it is better to find a Joint Venture Partner or develope a Mortgage investment Corporation. Our goal is to create a way to generate money to invest into multi-family properties...thanks for any and all advise!

advertise !
sell yourself !
have a website !
have a footer (in this post)
show your track record !
network network network !
have a legal agreement in place !
have a deal in place and sell it openly !
 
QUOTE (thomasbeyer2000 @ Apr 6 2009, 05:52 PM) advertise !
sell yourself !
have a website !
have a footer (in this post)
show your track record !
network network network !
have a legal agreement in place !
have a deal in place and sell it openly !


Thomas I`ve heard you mention a website cost $300 to 500 (or not). I sent examples of several REIN members` sites -which they did themselves- to my local technology provider and he quoted me about $2500 for s/th like this.
Out of my ballpark now and doing it myself is not an option.
Alternatives to research or create a potential website?
Do I really need a website? .....
I know I really want one, to lend legitimacy to my presentations and have my info at my fingertips.
 
QUOTE (EdRenkema @ Apr 7 2009, 01:02 PM) Thomas I`ve heard you mention a website cost $300 to 500 (or not). I sent examples of several REIN members` sites -which they did themselves- to my local technology provider and he quoted me about $2500 for s/th like this.
Out of my ballpark now and doing it myself is not an option.
Alternatives to research or create a potential website?
Do I really need a website? .....
I know I really want one, to lend legitimacy to my presentations and have my info at my fingertips.

We have a website www.yourchoicehomes.ca and it brings TONS of credibility. Our success is directly related to that site. Getting a simple site is not very expensive, you can talk to our techy, he coud probably do a entry level site for about 750-1,000.00. However, you are going to need to determine what you want to market on the site. [email protected]
 
QUOTE (EdRenkema @ Apr 7 2009, 01:02 PM) Thomas I`ve heard you mention a website cost $300 to 500 (or not). I sent examples of several REIN members` sites -which they did themselves- to my local technology provider and he quoted me about $2500 for s/th like this.
Out of my ballpark now and doing it myself is not an option.
Alternatives to research or create a potential website?
Do I really need a website? .....
I know I really want one, to lend legitimacy to my presentations and have my info at my fingertips.
go to india .. at 10% of these costs !!

there are also Microsoft based templates .. it is as easy as writing a word doc for a simple website !! a key skills, like Excel analysis, for any serious investment syndicator !

learn it .. it is a mandatory tool to attract investors !!

do you have a cell phone ? if yes, then you can master a simple website development !
 
QUOTE (thomasbeyer2000 @ Apr 7 2009, 12:13 PM) do you have a cell phone ? if yes, then you can master a simple website development !



I didn`t learn how to program names and numbers into my cell phone till having a coffee with a friend he picked up my phone and showed me how easy it was.
Now I don`t even remember my Dad`s phone # since I just pull up his name on my cell phone.
The beauty is when my phone rings and its someone in my directory it shows up as their name!

So, point taken.
 
QUOTE (thomasbeyer2000 @ Apr 7 2009, 11:13 AM) go to india .. at 10% of these costs !!


Any suggestions on Indian companies?
 
Drop me an email (chris at chrisdavies.ca).

You can get hosting for ~$10/month and use a free wordpress template. Looks great, and i can set one up in as long as it takes you to drink a cup of coffee.

I`ll explain more when I`ve got a minute.
 
Jarrett, can`t provide contacts to indian companies, but you could use http://www.rentacoder.com/ to find someone. If I outsource I liked them a lot to get quotes and professionals.

If you have webspace and sql aso you could go with Joomla! or Wordpress.
 
You can get hosting for your website at places like GoDaddy.com or netfirms.ca. I use a netfirms business hosting package, and it works well enough for whatever you`re likely to try. http://www.netfirms.ca/web-hosting/ The advantage package is the one I`d suggest and includes 2 domain names.

Simple steps:
1. Pick a domain name. Always use .com, or .ca, or maybe .org. Avoid any of the other ones. They`re just not good enough, for a whole bunch of reasons. You name (e.g. chrisdavies.ca) is a good choice, and then the name of your company. Don`t use dashes or anything wierd. Just the name. Keywords (e.g. "real estate") can be a good thing, but you also want it to be short enough to be handy.

2. Use a package like the Netfirms one above. Setting it up is very, very simple.

3. Install WordPress. There`s a one-click installation in the NetFirms control panel.

4. Pick one of the free themes you can find on http://wordpress.org/extend/themes/ (Please don`t use the same one I have on my blog)

5. Viola.

And the best bonus step ever. Set up a free Google Analytics account. Use the Google Analytics WordPress plugin to make setting it up on your blog easier. This will give you tons of information about who is visiting your site, where they`re coming from and such.

I have a developer license for the Citrus theme, and I can set it up on your existing blog if you`d like. (You can see it on Brent`s blog here.)


It`s not hard to get a decent website if you`re willing to learn a little. Adding pages to your website with WordPress is as easy as sending an email or posting to myREINspace, and a hell of a lot cheaper than paying even $100 for someone to create a site for you.
 
QUOTE (yourchoicehomes @ Apr 6 2009, 05:48 PM) We have been in the real estate game for about 7 years. We own about 10 properties all ranging in size from duplexes to one 11 suite apartment. We want to do more deals and are trying to figure out if it is better to find a Joint Venture Partner or develope a Mortgage investment Corporation. Our goal is to create a way to generate money to invest into multi-family properties...thanks for any and all advise!



So now that the website is addressed, lets go back to JVs vs. MIC.

One of the key elements is that there is a limitation on how much of the MIC`s can be invested in projects owned and controlled by the directors of the MIC. Don`t quote me but i think it`s something like 30 or 40%

IE, if you raise 1,000,000 you can invest 300k in your own projects. In addition, the M in MIC is mortgage... which means that they funds must be used as a mortgage.

Your choices for raising capital would therefore be:
1) Joint Ventures
2) RSP 2nd Mortgages
3) Corporation
4) Unanimous Shareholders Agreements (USAs)
5) Limited Partnerships

Hope that helps.
 
QUOTE (MarkGarrett @ Apr 8 2009, 12:33 PM) So now that the website is addressed, lets go back to JVs vs. MIC.

One of the key elements is that there is a limitation on how much of the MIC`s can be invested in projects owned and controlled by the directors of the MIC. Don`t quote me but i think it`s something like 30 or 40%

IE, if you raise 1,000,000 you can invest 300k in your own projects. In addition, the M in MIC is mortgage... which means that they funds must be used as a mortgage.

Your choices for raising capital would therefore be:
1) Joint Ventures
2) RSP 2nd Mortgages
3) Corporation
4) Unanimous Shareholders Agreements (USAs)
5) Limited Partnerships

Hope that helps.

Thanks for that great response, my next question would be, what method would give me the most control and best return. Joint venture gives up 50% of profit, shareholder agreement does that mean that I could lose control of the entire deal, i like the idea of 2nd mortgages because I can offer 10-15% return on their investment...where can I find out more info on these types of ways to raise money? thanks again for your input!!
 
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