Kelley Clarke, PC

When facing the possibility of foreclosure on multi-family properties, consider these alternatives depending on your financial situation and goals. Foreclosure should be your last option. Here are some alternatives: 1. Loan Modification: Negotiate with your lender to modify your mortgage terms. This could mean lowering the interest rate, extending the loan term, or reducing monthly payments. (We have podcasts on this.) 2. Forbearance Agreement: Temporarily reduce or suspend mortgage payments. This is suitable for short-term financial hardships. 3. Refinance: Replace your current mortgage with a new one that has more favorable terms to lower monthly payments or access cash to pay off arrears. 4. Short Sale: Sell the property for less than the owed mortgage amount with lender approval. This is for those facing financial hardship or property value decline. 5. Deed in Lieu of Foreclosure: Transfer ownership of the property to the lender to satisfy the mortgage debt and avoid foreclosure costs. 6. Solicit Equity Investment: Attract external investors for capital in exchange for partial ownership, helping fund property management or development. 7. Member Loan or Capital Call: Collaborate with existing partners and investors. (We have podcasts on this too.) 8. Sell the Property: Sell the property to repay the mortgage debt and avoid foreclosure. This may help recoup your investment depending on market conditions. 9. Government Assistance Programs: Explore programs like FHA loan modifications or state-specific foreclosure prevention programs. 10. Bankruptcy: Temporarily halt foreclosure proceedings and allow for debt restructuring. Seek legal advice for this option. 11. Seek Legal and Financial Counseling: Consult with specialists in foreclosures for personalized guidance. Schedule a complimentary legal call today. Each alternative has specific criteria and implications, so assess your situation, explore options, and seek professional advice early to avoid foreclosure and preserve your investment. Why Choose Kelley Clarke? Kelley Clarke Law offers more than transactional real estate services; our experienced litigators navigate litigious environments effectively. If you're facing foreclosure, trust our team to guide you through every legal hurdle. #foreclosure #multifamilyinvesting #realestate

The Federal Trade Commission has issued a Final Rule banning most non-compete agreements. This affects about thirty million employees who are currently bound by these agreements. Fights over non-compete agreements are common when people switch jobs and get sued for violations. Each state treats non-compete agreements slightly differently, adding complexity. The Final Rule takes effect on August 22, 2024, 120 days after April 23, 2024. Mark your calendars! Reading the Final Rule is a major task—it's 570 pages without a table of contents or index. Essentially, it declares non-compete agreements an unfair method of competition, making them a federal law violation as of August 22, 2024. Existing non-compete agreements are mostly unenforceable unless you are a “senior executive.” Senior executives are defined as those earning more than $151,164 and in a policy-making position. The FTC estimates 3.4 million senior executives in the U.S. Non-compete agreements are still allowed in business sales. For instance, if I sell my yoga studio, I can agree not to start another nearby for several years. Existing legal claims for non-compete violations remain valid. State laws consistent with or more restrictive than the Final Rule remain in effect, but conflicting state laws are preempted. The Final Rule does not apply to overseas employees. There's a “good faith” exception for those who try to enforce a non-compete agreement believing the Final Rule doesn't apply. If you want to discuss this development, feel free to reach out. #FTC #NonCompeteBan #NoncompeteAgreement

Let's explore these 5 types of real estate syndications deals. Each type offers unique opportunities, risks, and returns. Here's a quick overview: ◾Entitlement Deals: Work closely with city planning to add value to land before selling to developers. High risk, but potentially high returns. ◾Single Family Funds (SFR): Pool funds to invest in residential properties for rental or sale. Enjoy diversified investments with steady returns. ◾Multi-Family Syndication: Invest in apartment complexes. Benefit from stable income and lower risk with consistent cash flow. ◾Commercial Property Syndication: Dive into office, retail, or industrial spaces. Higher returns come with higher risk, but the potential for significant appreciation is there. ◾Mixed-Use Developments: Combine residential, commercial, and retail spaces in one investment. Diversified income streams make these complex but potentially lucrative. Choosing the right deal depends on your risk tolerance and investment goals. Consult with experts to find the best fit for you! Need help with your next deal? Contact us to learn more about syndication! #RealEstate #Investment #Syndication #EntitlementDeals #SingleFamilyFunds #MultiFamilySyndication #CommercialProperty #MixedUseDevelopments #InvestSmart #FinancialGrowth #KelleyClarkeLaw

We are honored to play a part!

TEXAS BEAST OF A BAR = CONQUERED! This guy right here passed the Texas bar which, when set up against other state's bar exams, is a BEAST. In fact, so much so that other states give you a "Pass" if they see you've passed the Texas Bar. Luke Doane, one of our KC attorneys, is now licensed in Oklahoma, Alabama and soon to be Texas and New Mexico! Way to go, Luke! #PassedtheBar #TexasAttorney #TexasLaw

Dugan had the opportunity to join Sarah Miskelly recently on this episode of her podcast. Give it a listen!

Handling earnest money disputes and the importance of the due diligence period in today's volatile capital markets. #EarnestMoney #RealEstateLaw #RealEstateSyndication

You know when you face a steep uphill battle, but you get to the top and feel all the feelings of victory? We just won a case against a crooked general contractor. The contractor was ordered to pay monetary damages plaintiffs sought in the case ($171,814.00), along with attorney fees and litigation costs. Boom! Justice served! Kelley Clarke lawyers successfully proved that the contractor breached its contract to build a custom home in Collin County, Texas. Further, the contractor was found responsible for breaching its fiduciary duties under Texas law by mishandling the Plaintiffs’ construction loan proceeds. Real estate owners, investors and syndicators...we do everything in our power to get you the victories that should be yours. #RealEstateSyndication #RealEstateLaw #RealEstateLawyer

Honored to play a part in this! Congrats Faris Capital Partners!

This is the place to be April 9th-12th. 🎯 We will be there...how about you? Let us know in the comments and come find us at our booth! Best Ever Conference and Best Ever CRE "Join us in SLC if you want to share ideas with other high-net-worth individuals. If you want to get better economics on deals. And if you relish the idea of being able to vet operators and deals face-to-face."