David Taran is a firm believer in pursuing a diverse and balanced life. David is a licensed real estate broker in the state of California and a practicing lawyer for California, New York, Florida, and Quebec. As the co-founder of Sunstar Capital, David brings more than 26 years of experience that includes many different aspects of the investment process including negotiation, acquisition, finances, development, redevelopment, construction, and investment and property management.
Sunstar Capital is a recently launched commercial real estate company focused on high-growth markets in the Western United States. The venture utilizes the merging of several seasoned professionals, including co-founder, Mark Skeen.
Prior to his work at Sunstar, David was the founder of Divco West Properties, and also worked as a managing partner at his family’s manufacturing and retailing business. This venture, which operated on a global scale, gave him a perfect place to hone his diverse skill set that he continues to use today. As a partner, he worked on capital investments, strategic and financial planning, sales, real estate acquisitions, real estate negotiation, and currency trading and management.
David Taran also worked as a practicing attorney at Graham & James in Los Angeles. There, he specialized in Tax, Corporate, and Real Estate law. David holds a DEC degree from McGill University, an L.L.L degree from the University of Ottawa, a J.D. degree from Columbia University, and a Masters in Tax Law from New York University.
Throughout the span of his career, David has acquired $2.3 billion in real estate, which includes over 700 acres of land, 1,800 multi-family residential units, 449 hotel rooms, and 13.8 million square feet of buildings. David’s successful record is a testament to his diverse and balanced portfolio. David credits his rich portfolio to his earlier roles in as a managing partner and practicing attorney.
Meaningful, Mindful and Balanced
On a personal level, David is an advocate for creating a balanced, meaningful life. Despite his success, David upholds that a life filled with meaning and intent is far more enjoyable than a profitable one. To this end, he continues to support Project Happiness, a thriving non-profit started by his wife, Randy. Project Happiness is dedicated to providing the tools and resources needed for individuals to live an empowered, happier life.
David is proud to support the organization and serves on the board of directors. As a board member, David brings his unique experience and skill set to the table in an advisory capacity. His personal interest in the organization’s mission combined with his professional knowledge makes him an invaluable member of the board and his local community.
David’s continued passion for promoting greater happiness and meaning in everyday life continues to launch his career and leadership skills in exciting directions.
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Real estate joint ventures are types of real estate businesses formed with the aim of either buying or selling properties. They are created by two or more parties that have separate identities only that they have to work together to move the company forward. A real estate joint venture is a risky alternative that calls for attention. Here are some common mistakes to avoid in the real estate joint venture.
Avoid the Wrong Partner
Before choosing to engage in the real estate joint venture, it is essential to consider the partner with which one wants to work. A good partner is the one that has common goals, aspirations, and desires. This means that the partner understands the investment in totality and that the person is not likely to make amateur mistakes that are sometimes very costly. The collapse of a significant number of joint ventures can be attributed to wrong partnerships.
Have a Written Agreement
All joint ventures should have a written agreement that governs and details all specific information about the joint venture. Moreover, all the partners in the joint venture must sign the contract to prove that they have acknowledged about it. Entering into a joint venture without a written agreement can end into severe disasters.
Eliminate Conflicts of Interest
Although the interests of a partner are evaluated before agreeing, some partners are likely to become stubborn on the way and cause the organization to have real issues. The most critical aspect that investors should eliminate is the conflict of interest. For example, each partner should agree on when to buy or sell a particular property as such a decision affects the flow of revenue.
Understand Duties and Responsibilities
Avoid starting a joint venture without clarifying the duties and responsibilities of each partner involved in the joint venture. The whole operational framework should be highlighted, and every person needs to understand it. It should be particular enough to highlight who provides finances, equipment, and personnel among others.
A significant number of individuals have gone ahead to choose their friends and family members as partners in real estate joint ventures. Such moves have failed because the partners in the joint venture don’t have the particular knowledge to run the real estate joint ventures. Individuals should select partners with expertise and experience so that they can avoid simple mistakes.
Although many people outside of the real estate world are unaware of it, there are many ways that someone can invest in real estate without taking on all of the costs, risks, and headaches of property ownership. While there some substantial benefits that come with traditional fee-simple ownership, such as long-term appreciation and the absolute right to alter the property, however, the owner sees fit, there are also considerable drawbacks. And the biggest of those is the often-huge sums of money required to even make a down payment in today’s high-priced housing market.
In this article, we’ll take a look at some of the ways that small investors or those new to the real estate industry can get their feet wet in real estate without taking the head-first plunge of purchasing a property outright.
Real Estate Investment Trusts
Real estate investment trusts, also known as REITs, have been around since the 1960s. They are similar to mutual funds, and they allow a way for smaller investors to buy into big-ticket real estate projects for relatively tiny amounts of capital. Like any other kind of equity investment, REITs can run the gamut, from high quality and low risk to high risk with little chance of solid returns. For this reason, even investors who don’t have a lot of capital to invest must take care to perform due diligence and understand the workings of any REIT into which they buy. The downside is that many of these operations are extremely complex and require a solid understanding of the real estate industry to accurately assess.
Hard Money Lending
Most banks and other major lending institutions have hard rules about who they lend to, how much they lend and how much money they require as a down payment. While the largest real estate developers often have access to bridge financing and other short-term credit vehicles, many smaller real estate developers and home flippers do not. This is where hard money lenders come into play.
For the fix-and-flipper or the landlord looking to make an improvement to a property that they have not yet bought to put it in a higher rental bracket, the 20 to 30 percent down that a bank may require to underwrite the loan may be outside of their budget. As a hard money lender, you may be able to cover the shortfall while negotiating a substantial service fee and an interest rate far higher than prevailing mortgage rates.