LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
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Gregory K. Johnson of Wright Runstad & Company<br />
Preston R. Sargent of Kennedy Associates <strong>Real</strong> <strong>Estate</strong> Counsel, LP<br />
Speaker 5: 4<br />
Speaker 6: 4<br />
CAPITAL<br />
TIME<br />
LAND<br />
USERS<br />
7<br />
Developer Equity in <strong>Real</strong> <strong>Estate</strong><br />
• First maximize debt<br />
– Construction Loan<br />
• The rest is your own money!<br />
• ….unless you raise equity (OPM)<br />
– Give up control<br />
– Management issues<br />
– Reporting requirements<br />
– Legal compliance (ERISA – REIT)<br />
– Suffer dilution/share risk<br />
– Complicate your life<br />
8<br />
Law Seminars International | <strong>Real</strong> <strong>Estate</strong> <strong>Joint</strong> <strong>Ventures</strong> and Funds | 02/08/10 in Seattle, WA
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