Clients often come to me as an experienced Media Real Estate Attorney, and ask advice on flipping a house with a group of people or investors. If you’re thinking about investing in a home with a group of people, repairing it, and then flipping it, it’s important to consider a few things before committing to the project. First, under what kind of entity will you guys operate? Will you form an LLC or simply operate under a partnership? Second, be sure that – no matter which entity you choose – you all sign a written document that outlines each party’s rights and responsibilities. For an LLC, this could be an operating agreement, and for a partnership, it would be a partnership agreement. Lastly, and most importantly, be sure you really know the people with whom you are about to enter this business relationship. You don’t want to create financial ties with anyone who’s untrustworthy or unreliable.
Have you been considering flipping a house with a group of investors? Contact dedicated Media Real Estate Attorney Paul Fellman for experienced advice.
This educational blog was brought to you by experienced Media Real Estate Attorney Paul Fellman. Our law firm proudly represents clients throughout Media, as well as Pennsylvania, the greater Philadelphia area, Delaware and New Jersey.
