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Updated about 4 years ago on . Most recent reply

User Stats

7
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3
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Kingsley Obasi
3
Votes |
7
Posts

Multimember llc on a Real estate issue

Kingsley Obasi
Posted

REI multi-member LLC conundrum!

I got two friends and my little sister to go in with me on investing in a single family in a dilapidated neighborhood for $31k (8.2k per person) in South Jersey. Since purchasing the house I am all in for about $15k and everyone else is just paying me back. Also I am doing majority of the work on the property to fix it up(hence why I’m in so much financially) but has live been able to save cost tremendously because I am handy and know a few contractors that help me out for low cost. Because of my partners lack of help and there continuous willing to make things complex when it comes to paying me back (i.e paying for other materials instead of paying me back and making to expense tracker more difficult to use than is should be) I have told them I want to leave the llc. They problems is everyone still owes me money and no one would have the money to buy me out after the house gets appraised. So I looking for input on what I should do. Just stay in the llc and use the appraised value to try and get access to a heloc, convince the members to allow the llc to take on debt to buy out my shares, or in my one business partners opinion just take $15k because in a hypothetical situation if someone gives use $60k to buy the house I should just take 15k to leave the llc?

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