Today on the Real Estate Asset Management Podcast we are joined by former syndicator turned lawyer, Gene Trowbridge, to talk about voting rights, 1031s, and closing an entity. Gene shares his journey of moving from commercial real estate to syndication, and finally to law at the age of 45. Despite his predictions of retiring from law after 15 years, he’s still deep in it 27 years later and, along with his partners, has written offerings for more than five billion dollars of money raised. In this episode, Gene shares his wisdom with us and talks us through everything to consider when preparing to sell an asset, how to determine the selling point, and what to do once a property is sold. Covering everything from discerning the right time to close an LLC to the three choices you have when it comes to 1031s, this episode offers invaluable insights from someone who has truly seen the industry from all angles. Join us for an insightful conversation with a veteran in the field as he advises us on how to avoid the mistakes he’s stumbled upon in his long and successful career. By the end of this episode, you’ll have a much clearer idea of how to go about asset disposition the right way!
Key Points From This Episode:
- Gene Trowbridge’s journey from syndication to law, and the type of offerings he’s written.
- What to consider within the operating agreement when preparing to sell an asset.
- How to determine the selling point of an asset, based on the opportunity cost.
- Gene discusses voting rights and his belief that it’s the syndicator’s job to decide.
- Why sponsors should pair up with a broker to handle listings.
- What syndicators need to do once a property is sold.
- Why you need to dissolve the LLC on the disposition of the final asset, and how to do so.
- What to do if you close at the beginning and at the end of the year, respectively.
- Gene shares a mistake he made, and what he would have done differently to bypass the LLC.
- Why to count on the CPA to tell you how to dissolve the LLC.
- Why some professional advisers recommend that the LLC be kept open an additional year.
- The three alternatives when it comes to 1031s and buying people out.
- What circumstance justifies moderating the operating agreement.
- What happens when investors want to exchange their property for a deed in a larger property.
- The minimum threshold and what to do if you lose more than 50% of your investors.
Links Mentioned in Today’s Episode:
Asset Management Mastery Facebook Group
Asset Management Mastery
Break of Day Capital
Break of Day Capital Instagram
Break of Day Capital Youtube
Gary Lipsky on LinkedIn
Gene Trowbridge on LinkedIn
Trowbridge Law Group LLP
Trowbridge Law on YouTube
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