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| Name | General Partner vs Limited Partner |
| Video Uploader | Video From Billy Keels |
| Upload Date | This Video Uploaded At 12-12-2019 11:00:01 |
| Video Discription | General Partner vs Limited Partner A general partner is sometimes also called a GP, the sponsor, the key sponsor, and the promoter. In real estate, the general partner is the person or team that has day-to-day operational responsibility of the project. If you’re looking to bring in a multifamily apartment building, for instance, you’ll need to figure out how to get the property under contract. You’re the person negotiating it, while the general partner is doing their due diligence. They manage the daily operations either themselves or through a third party. The GP is also responsible when it comes time to dispose of or sell the asset. Anything you can think of that’s actively managing the day-to-day operations of a property will fall under the purview of your general partner, including the operating agreement, which allows them to have authority over major decisions. This also means that any liabilities fall on the shoulders of the GP, too. They’re doing the lion’s share of the work. On the other side of the equation, you’ve got the limited partner, or LP. This is the money person. They’re responsible for making money grow faster and harder than they’re actually working for it. For example, if you see there is a multifamily apartment deal or mobile home park that you can invest in, you can take your capital and put it into the project, becoming a limited partner. The benefit to becoming a limited partner is that you can continue to do what you do best while also making your money work for you. You can choose the type of project you want to invest in, and you’ll also minimize your liability. If the deal goes sour, you could lose your capital, but you’ll never lose more than that. If you’re a general partner, on the other hand, your exposure to loss could be greater. The downside to being a limited partner is that you typically don’t have any decision-making authority. For some, that’s okay because they still have the responsibilities of their day job. When trying to understand the difference between a GP and an LP, I would suggest consulting with your legal professional, especially if you’re going through a bunch of documents pertaining to your property. It would also be wise to consult your tax professional to see what type of deal you’re going into and how it will affect you and your specific situation. ---------------------------------------------------------- QUESTION OF THE DAY --------------------------------------------------------- Let me know your thoughts on the difference between a GP and an LP. What makes the most sense for you? Leave your question in the comments area... ---------------------------------------------------- LISTEN AND LEARN WITH BILLY -------------------------------------------------- Check out the audio version of The Going Long Podcast on your favorite podcast player, or right here: http://keeponcashflow.com/podcasts/ Check out the written version of The Going Long Podcast by going right here: http://keeponcashflow.com/podcasts/ ========================================== Download my free ebook, "Grow Your Money The Smart Way" 👉🏾http://growyourmoneythesmartway.com/ Subscribe to the Going Long Podcast with Billy Keels 👉🏾http://keeponcashflow.com/podcasts/ Follow me on social media: 👉🏾Website: http://billykeels.com/ 👉🏾LinkedIn: https://www.linkedin.com/in/billykeels/ 👉🏾Instagram: https://www.instagram.com/billykeels 👉🏾Facebook Fan Page: https://www.facebook.com/Billy-Keels-... 👉🏾Twitter: https://twitter.com/billykeels ------- Are You Ready to Buy and Start Playing Cashflow 101 NOW ? ------ Find your AMAZON Store Below / Abajo Localiza tu tienda AMAZON AMAZON USA New Edition (USA) https://amzn.to/2ZilqLz Classic Edition (USA) https://amzn.to/2KRAlID New Edition (Español) https://amzn.to/2tbqtiy AMAZON ESPAÑA Edición Española (Español) http://amzn.to/2nIPmR8 Classic Edition (English) http://amzn.to/2nI7PND New Edition (English) http://amzn.to/2nJidED To see how long distance investing works, go to pick up your FREE eBook at http://www.keeponcashflow.com/roadmap DISCLAIMER: This video and description contains affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. This helps support the channel and allows us to continue to make videos like this. Thank you for the support! About this video: In this video Billy Keels from KeePon Cashflow shares how to play Cashflow 101 and specifically how understanding how to use this game will help you to get to the lifestyle that you want to lead faster. Check out more of his videos on YouTube at youtube.com/keeponcashflow |
| Category | Education |
| Tags | General Partner vs Limited Partner | General Partner | Limited Partner | KeePon Cashflow | billy keels | real estate strategies | real estate tactics | real estate documents | GP | LP | operational responsibility | due diligence | operating agreement | money grow | liability | legal professional |
