Navigating Partnerships: Harnessing Contracts and Promissory Notes Using Risk Mitigation Strategies with Shawn Quigg Ep. 147

Meet Shawn Quigg, a seasoned real estate investor turned lawyer and entrepreneur, who embarked on his journey from London to Windsor, honing his expertise in law and real estate before founding ProsperUs Law, Ontario's sole firm dedicated solely to assisting real estate investors, all while enjoying sports, craft beer, and the company of his partner, Amber, and their dog, Pluto.In this episode, Shawn shares about:The intricacies of real estate partnerships, contracts, and promissory notesImportance of distinguishing between joint venture agreements and shareholder agreements, likening the former to dating and the latter to marriage due to their different levels of commitment and complexity.Significance of contracts, the need to establish clear dispute resolution mechanisms, and finalize agreements when relationships are amicable.Process of stress testing potential partners by gauging their response to adversity, ensuring they can afford to bear risks, and preferably have prior experience in real estate investing.How communication is identified as a critical component in maintaining successful partnerships, with transparency and accountability being essential.Promissory notes as potential tools for financing real estate deals, but it's clarified that they cannot be registered on title in Ontario, necessitating alternative security measures.His expertise and assistance to real estate investors across Ontario aim to help them navigate legal challenges and mitigate risks effectively.About ShawnShawn is a real estate investor, lawyer for real estate investors, and entrepreneur. He called London and the area home until he finished his first round of schooling at the school formerly known as the University of Western Ontario when he traversed off to Toronto to work in immigration enforcement. Called to something more impactful, Shawn moved to Windsor to study law. This is where his real estate investing journey took off – inadvertently first and gradually with purpose. Shawn has since become a lawyer, practicing on Bay Street for a while, later moving to a smaller firm to focus on helping real estate investors before launching his own firm – ProsperUs Law – in July of 2023. ProsperUs Law is the only firm in Ontario that only helps real estate investors.Connect with ShawnInstagram - https://www.instagram.com/prosperuslawFacebook - https://www.facebook.com/prosperuslawConnect with Danielle ChiassonWebsite: https://strategicsuccessconsulting.comLinkedIn: https://www.linkedin.com/in/daniellechiasson/Facebook: https://www.facebook.com/DaniChiassonInstagram: https://www.instagram.com/letsgetrealTikTok: https://www.tiktok.com/@danichiassonBook in a call: https://calendly.com/strategicsuccess/lets-get-real-estate-20-min-chat Listen in and subscribe for more.You can also leave us a review and of course, don’t forget to share. I’m sure there are real people in your network who can take advantage of what they’re going to learn from the show.Interested in becoming a guest on the show? Email [email protected] with the Subject: I want to be a guest! OR simply fill out: https://letsgetrealestatepodcast.com/be-a-guest/.