All Forum Posts by: Aidan Birmingham

Quote from @Ericka Parrott:

Hi Aidan, when you first started you can create your partnership agreement per deal depending on what your end goal is for the property. 

Okay so is there a need for an LLC which has some terms in the operating agreement?

Hello, I have been speaking with an investor who would like to partner with me on some future real estate investments. We would like to create a partnership where we are 50/50 partners and he brings the cash and I bring the experience, knowledge, and contacts ect. We now are looking to create an LLC and setup the necessary legal documents to protect both parties and layout the terms of the agreement. I have a real estate attorney that I have worked with in the past and will work with him on this also.

Does anyone have advice on next steps and/or examples of terms, operating agreements, types of LLCs ect. ?

Hello, I have been speaking with an investor who would like to partner with me on some future real estate investments. We would like to create a partnership where we are 50/50 partners and he brings the cash and I bring the experience, knowledge, and contacts ect. We now are looking to create an LLC and setup the necessary legal documents to protect both parties and layout the terms of the agreement. I have a real estate attorney that I have worked with in the past and will work with him on this also.

Does anyone have advice on next steps and/or examples of terms, operating agreements, types of LLCs ect. ?

Quote from @Sean O'Keefe:

@Aidan Birmingham we work with a lot of real estate investors who give us intel on who the top PMs are. Happy to provide some unbiased feedback. 

Sean I would appreciate that. 

Hello, I am looking for some property management recommendations. If you could share any companies which you have had good experience working with. I would appreciate it.

Quote from @Marcus Auerbach:

About $250 to $300 per square foot, because it is small which drives the per sqft cost up absorbing kitchen, bathroom, plumbing, electrical, utilities, basement, roof and impact fees into a small footprint. Bedrooms are cheap.

We will likely see zoning law changes in 2025 for the city of Milwaukee that will lift restrictions on ADU's (google GrowingMKE).

Wow that is way more expensive than I thought. So for a 750 sqft ADU it could cost anywhere from $180,000 to $225,000. The plan was to build an ADU to add sqft, bedrooms, and rent to increase ARV and cash flow but the cost to do so is too high based on the projected return. 

I have found a duplex that has about 1250 sqft of an empty land next to it. The lot is zoned as RT4. My idea was to build a single family ADU since I researched that the you need 1200 sqft of land per unit and the lot is .1 acre (4356sqft) so the lot can only allow one more unit.
how much would it roughly cost to build a 2 or 3 bed adu?

Quote from @Shawn Ackerman:

Hello All, Long Time BP user here, not as active as I used to be but still here. With that said, I have a couple of notes I am looking to offload. Both are performing. one is a 5-Unit $115K I/O(interest only) with about 3 yrs left of I/O payments and one at $73K Duplex-Two singles on 1 lot(Principle only) I am looking to package although these will be for two separate borrowers.

If you know someone who is interested please ask them to DM me.  

All the best to everyone!

Sent you a message with my interest 

Quote from @Theresa Harris:

That is a big loss.  Can you do anything with it for the next year (ie short term rental)?  If it is vacant for a year, you will take another 2 years after that to make up those losses.  Are you willing to forego cash flow for 3 years?

No the house is only really suited to be rented for students. My other rental cash flow can cover the loses but I am not completely comfortable buying a property that will lose that much obviously. But I am torn because the long term return is great. 

I am negotiating a seller financing deal for a student house at $380000. The problem is that the house is vacant for the first time is years because it wasn’t listed properly by the owner that inherited it. Since the leasing season for students passed there is a good chance it will be vacant until next June. Once it is rented the property will cash flow about $1600 a month which would be about 30% cash on cash return. While it is vacant I will be losing about $2800 a month. I attempted to ask to defer payments until it is rented but the seller will only offer interest only payment at 7%. Do you think I should move forward given the returns once it is rented or is the short term loses too much?