I was honored to spend 1 hour with Andy Sirkin Esq, of Sikin Law regarding how to structure a joint venture in real estate, or what’s called a tenancy in common investment, better known as a TIC.
I first came across Andy’s name when a buyer, whom I had pre-approved, saw a “condo” which turned out to be a ¼ of a 4-plex, not an actual condo. He said he was making an offer on this “condo. “ When I looked up the legal description, I found that although there were different owners, it was listed as a fourplex. Then, in the listing notes it said to learn more about this ownership type go to https://andysirkin.com/about-us/
I was fascinated because although I had heard of TICs, I had never heard of this use of the ownership type. Then I saw that he also had expertise in condo conversions and other complex structures. I thought, “Man I have got to meet and talk to this guy!”
And I want to share that discussion with you.
During our interview, Andy explained the different ways people create clear strong structures to their co-ownerships from 4 people to 100 people. He also explained the process of getting a building converted from an apartment building to a condo, and the possible problems that could arise. We discussed co-owning vacation properties or principal residences (like the one I described earlier), along with his thoughts on solutions to the housing crisis in LA and around the country.
Andy lives internationally and has been helping people create healthy partnerships (or at least the legal structure to the partnership) for 30 plus years. I am excited to share this with you as another tool in your cash-flow creation toolbox.
If you would like to be the first to hear these types of master-mind level discussions, then be sure to join our Cashflow Academy Community.