In today's episode of Investing to Win, titled ‘Episode Reflections,’ Garret Wong presents his reflections on recent interviews with Ataf Khokhar and Cal Reich. His goal is to share valuable insights and key learnings from these conversations.
During the interview with Ataf, a real estate attorney, they delved into joint ventures. Ataf provided valuable insights, emphasizing the importance of independent legal representation and the significance of written contracts. He also pointed out the need for thorough exit planning, proper valuation, and seeking advice from knowledgeable advisors.
Cal, an expert in property management, provided valuable insights into the formation of co-ownership groups through bare trust corporations. He also stressed the importance of co-ownership agreements, a strong team and compatibility among co-owners. In addition, he introduced the concept of not ‘building a grand piano,’ but focusing on strategic renovations rather than complete rebuilding.
Garret explains why it made sense for Cal to take his percentage as a fee, despite he himself favoring equity over cash. You’ll also discover why Cal favores credit unions for financing and advises setting expectations and being transparent with potential co-owners from the beginning.
In this concluding segment, Garret shares his top 10 takeaways from these podcast episodes.
Join Garret for this enlightening discussion on joint ventures, co-ownership, and transparency.
Enjoy!
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