Gathige wrote:Mukiri wrote:Can I use this to develop my property, with title under my name... and work-out a plan where rent proceeds will pay-off fellow investors? Then we can move on to their property, under their name.. and so on and so forth
@Mukiri, i doubt the other investors would agree to that. It would be better to form a LLC and your land becomes part of the initial capital with the other member's contributions contributing to the capital for developing the plot. That way, shareholding is clear and risk and returns easily apportioned.
@mukiri. What @gathige has described is the best option. The value of your land will be determined by a registered valuer agreed upon by all members then the value becomes the number of shares you own.
For example, say the value is 2m. If each of the 12 members is to contribte 1m, then you will be deemed to have contributed 2m or 2 shares. You will need another 10 members for the project to complete and bring in rental income.
In the LLC, you will have 2/12 shares or 2 bedsitter units out of 12.
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