Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Horror Stories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 5 months ago,

User Stats

33
Posts
7
Votes
Jenna Bamlet
  • New to Real Estate
  • Jacksonville, NC
7
Votes |
33
Posts

Business partner separation

Jenna Bamlet
  • New to Real Estate
  • Jacksonville, NC
Posted

My business partner and myself have been attempting to separate for well over a year, waiting on properties to sell. I want to leave the LLC all together and he'd like to take it over. I refused to "subject to" the properties to him as they are all under my name and he doesn't have the ability to take over the loans. Trying to keep a long story short here. He refuses to talk business with me and I refuse to talk anything but business with him, I will clear any confusion around that if need be. The last three properties have been on the market for over a year with active showings but no offers. Running out of wiggle room for those to sell breaking even after all the fees stacking on them. They are currently active Airbnb's which he has been managing as he'd prefer only one of us working on business stuff instead of working as a team to make things easier. We agreed upon the profits from the Airbnb's being for the property bills and debts that have accrued while working together, i.e credit cards and other loans pulled while those specific properties were being renovated. I have only been using the bank accounts to pay business/property bills and pay down related debts, he has been using the business bank account for anything and everything from purchasing vehicles to other personal non related investments. I've tried to get on the same page and come to agreements but he refuses to respond. I have recently been removed from all 6 business bank accounts and had no responses from him. I can see he is still sending emails to other platforms from our joint business email. I'm out of state and have no way of knowing what's going on in the business or to the properties that are under my name. Being blocked from the bank account really worries me and I don't necessarily have funds to pay for legal help. I had to get a full time job just to stay a float. HELP!! Any and all advice is welcome and appreciated.

Loading replies...