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Updated almost 2 years ago on .

User Stats

19
Posts
5
Votes
John Gochangco
  • Valley Springs, CA
5
Votes |
19
Posts

Does anyone know a lawyer for a non performing partner?

John Gochangco
  • Valley Springs, CA
Posted

I'm in a 50/50 % Partnership with 2 other partners. I provided financing of over 200 k in 13 units in Georgia. My Other two partners owned the other fifty percent. One is cfo and other is handling the PM (where i feel the problem lies). In the beginning I was courted often to gain my money so they can acquire these properties. Now it is very difficult to get a meeting or response. I was in a real estate group and they had a very good reputation so I trusted it. It has been almost two years now without income and I feel the units have been mismanaged. For instance we had a unit that has not been rented de to a bad AC for months. We have been struggling to break even financially. After the first capital call i declined to provide further financing. Ireally want out at this point as when they pitched this scenario, that these units would self sustain and after a few months once we converted the units it would cash flow. These guys have many units they manage > 60 so im feeling our deal has been placed in the back burner. We have sold a triplex and havent had any details as to what we are doing with the profit? Like 25k. What should be my next step? Should I get a lawyer? If so can anyone recommend one so i can at least discuss my situation?