All Forum Posts by: David Fritch

Welcome Sarah! I am from Tri-City area as well. A group of us BPers meet up once in awhile. I sent you a message. Very glad that you stumbled across BP. It's  such an incredible resource!

Thank you @Jessica Zolotorofe. That clears that up. Seems it's time to drag out the operating agreement. 

@Dave Foster Thanks for the reply. Can you clarify something for me? What I'm reading out there seems to indicate that minority parters in the property who would prefer to sell equity rather than be involved in the exchange have a right to get out, is that correct?

If that is correct, it may not apply in this case because we technically own a share of a company, not a share of property. Is that correct? 

 Based on a Google search of tenants in common, it would appear we are not. We own a piece of a company, that company owns the property. 

I am the manager of an llc that owns 18% of a larger llc who's only holding is a strip mall. Three other llc's own the rest of the big llc. They all want to 1031 exchange our equity in into a medical office building. My llc does not. I know that there are many ways to resolve the issue allowing us to cash out our equity and them to move on. However they are determined to hold the medical building with no financing and to force us to do the exchange. Is that legal? Can we be forced to sell the property, exchange into another just because they're the majority? 

@steven stokes Taking  your good advice to heart has led to an interesting development, I called my attorney and it turns out that he has represented the sellers for years. I will have to use a different attorney of course because he cannot advicate for both parties. But at least they will get Good Counsel and their attorney is now aware that another buyer is interested.

@Curt Smith Thank you very much for that tip. I am checking their stuff out right now. 

@Steve B. I agree that is likely what is going on and I am going to get to the bottom of it. I do not see this would-be buyer binding themselves in anything too sticky when they first approached seller two weeks ago and have yet to step foot on site. 

Probably Hayden or Sullivan Rowell yeah. My realtor has sold for the and to them. Lots are needed badly here.

@Jay Hinrichs OK I will call you first when I find land for 180 lots. 

Makes sense. Thank you. So why an LOI and not a Purchase and Sale or equivalent?