All Forum Posts by: Jerry LoCoco

Brian, John, Sharon,

Thank you for the feedback and valid points. I agree with Sharon, its worth a shot and I can see what happens once the letters hit the neighborhood! I plan on sending a letter/postcard every month for 3 months and reevaluating after the third month. It is a relatively small number of homes so the expense is minimal. Plus it would be nice to manage a remodel from my front yard.

What is the rent compared to other similarly situated single family homes?

What is the rent compared to the condo/apartments?

Who is responsible for the landscape maintenance?

The water isn't exactly free, it takes electricity to run the well pump!

I actually did the same thing on the front door although I went much darker. I agree, a test patch is a great idea! Which colors do you use?

Here is one of my Gel Stain projects around the house. I think it is a good way to dress up a flip or rental.

About 12 Hours of labor & $20.00 + - in material.

Lite sand (180-220 grit) with the grain, vacuum, wipe down twice with damp towel, let dry, tape off walls and floors, stain first coat wiping with the grain using a sock/towel & let dry, stain second coat the next day.

Make sure to use latex gloves, eye protection, ventilate the house, and listen to BP Pod-casts while doing the work!

Before:

After:

Conrad,

I'm at the University of Arizona and will be finished in 9.5 months!
I'm not counting down or anything!
Where are you studying at?

Best of luck to you!

Conrad,

Welcome to BP, I'm also a 3L! A law degree might not get you that guaranteed 150K/year JOB in this economy, however, it can give you the tools to build a BUSINESS!
I suspect that because you are on BP, you prefer the latter!

All the best,

-Jerry LoCoco

Brandon,

I appreciate the input! The funny thing is that I actually sent a PM to Sharon Vornholt and she provided some great feedback which was essentially inline with your response.

Thank you!

Hello BP Community!

I have an investor who wants to act as a limited partner (in this case his LLC will provide 100% of the equity, he will get 50% of the profits along with 80-100% of any losses, and he will not take part in the management). I have a Limited Partnership agreement that seems fairly concise and addresses provisions such as: formation, partnership business, rights and duties of LP and GP, partner contributions, capital accounts, LP/GP withdrawal/replacement, Tax allocations, GP compensation, transfer & encumbrance of partnership interests, death/incapacity, dissolution/termination.

Our intent is to purchase and rehabilitate SF/MF properties on our own and also as partners with at least one other investment entity on larger deals.

How have other BP members addressed a similar scenario? I understand that I need to discuss these plans with an accountant and lawyer. However, I would like to discuss the macro approach to how these arrangements are structured.

In sum, my plan is to file a limited partnership agreement where my LLC will act as the GP and my investor will act as a LP. Ideas, comments, questions, recommendations?!

Best,

-Jerry LoCoco

Luke,
That is an interesting question. My bet is that there are more BP members in the cities with the highest annual appreciation. Maybe Brandon Turner has that data at his finger tips!

I put together a list of neighbors who are behind on their property taxes. Any ideas for approaching neighbors without upsetting them? I've thought about writing letters, yet I am not sure how to draft it. Any ideas, thoughts, comments?

Thank you,

-Jerry