All Forum Posts by: Bret Weigel

Hi all, I had some tenants move in last month to a 3/2 SFR (I just closed on the property a month prior) and I really like them a lot. Good people. Anyways, the first day in, we realized the hot water heater needed replacing. The second day in, they realized that the house was not cooling to the temperature they had the thermostat set at (mind you we're experiencing a 100+ degree heat wave this summer and summers here are always hot); however, the house felt cool and the HVAC folks checked the unit and everything was running accordingly.
Long story short, I told them that I'd look at insulation in the attic as a possible solution. I received a quote and was wondering, since the equipment itself works fine, and adding the insulation will reduce their utility bills by 15-18%/month, does it make sense to ask them what they'd like to do (i.e. ask for some help in the bill) since it's not absolutely necessary to the house? Or what is my approach? 

Thank you. 

Does anyone have a good recommendation for an agent, with plenty of experience on the investing end in the Broken Arrow, Oklahoma area? Looking for help on SFR and potentially multi-family as well. I'd really appreciate any insight and referrals anyone has.

Thank you very much, 
Bret

Hi all, 
I have a partner who I will be 50/50 equity with in buy & hold properties. We are looking to use conventional loans to finance our properties; however, I know there is a limit to how many mortgages we can have outstanding (10 each). 

First question: if we are both on the loan, then I assume that counts as one house for EACH of us (towards our respective 10 total), correct? 
Second question: If I were to take the loan out on this property (and he got the next one) and we simply added each other to the deed on each home, would the example above still apply (to where each house counts against us even though we each only have one loan)?
Third question (more partnership/legal question): Since we would like to do conventional loans and get lower rates and since banks won't finance LLCs, how do we protect ourselves from liability from each other and tenants? Would an umbrella policy be applicable for the two of us? Or can we roll these houses into the LLC after we get conventional financing?

Thanks so much. 

At this point, it looks like my partner will put down more of the down payment/closing money for me finding the properties. Either 65/35 or 60/40. These will mainly be from the MLS for buy & hold. If I manage the properties as well, there will be an additional management fee paid to me (10-15% of rents). Equity will be 50/50.

If I get to the point to where I am marketing and finding deals and additional legwork other then searching, looking and vetting MLS properties, the % in structure will have to change.

No clue how it would work on flips...

Thanks, Kris. I appreciate it. I can see how that would work for a set amount of ROI to the investor; however, I wonder if there's some way to do it where we just assign the equity % to each other based on duties and responsibilities vs. financing and then splitting all proceeds based upon that percentage.

Hi all, 

I had a question regarding partnerships and equity % in said partnerships. In this example Person A would simply be the money guy and a silent investor. Person B would be in charge of finding properties that make sense financially to buy & hold and make solid cash flow returns and appreciation. Person B will also contribute some money but for argument's sake, let's say Person A puts up 100% of the money. If developing a partnership, and Person A wants to just give money and not be involved, and Person B handles all the due diligence, the financial matters, etc. what would be a typical fair % of equity that Person B would receive for doing the above? 

Also, for the above scenario, let's say there are two options within that scenario: 1) Person B also finds tenants and manages the properties.   

2) Person B only finds the properties that makes sense, handles the finances, calls with property manager, etc but has a separate property manager to find tenants and manage. 

Thanks for any feedback/insight on this topic!   

I really enjoyed the last lunch meeting (which was my first). I'll try to make this one as well. Thanks for putting together Paul & Theresa. 

I plan to make it. I'm brand new to this site and investing so it will be nice to meet some others in the area. Thank you!