All Forum Posts by: Bryce Collins

Adding another local @Kalen Miller

Adding another Cincy local in case he is interested in joining as well.

@Phil Hucke

Add to that the upcoming increase in Hamilton County property taxes, and its tough to find the home run deals for sure. SFH deals are def hard to come by. There are still some opportunities in the small multi-fam, but those move quick if the numbers are right. Expanding my search and looking into 5+ unit buildings since less retail investors will be looking for those.

Best of luck in your search @Phil Hucke

@Jake Flosi The neighborhoods are key. Cincinnati is very interesting market that can vary dramatically from block to block. Many different areas in the city are going through a revival, but sellers are pricing in the appreciation in the asking price on run-down homes. If looking for MF, I'd recommend the Westside neighborhoods; they have much more attractive prices, but would be considered B/C properties. The neighborhoods you look at will depend on the RE strategy you want to pursue.  

@Darius Ogloza

Thanks. I did not know that information. I will discuss with my accountant on the documentation needed to ensure the FCF split is taxed accordingly. 

@Darius Ogloza

It is a buy and hold quad rental. I guess I could put the additional PM fees on top of the original split we come to agreement on. Thanks

@ David M

the tax returns was something that worried me as well. I guess I would have to ensure that the % I retain offsets any tax liabilities

@David M. 

This is with an old family friend and is more of a handshake deal. They have no desire to be on mortgage, title, etc. We would just write up a separate agreement between ourselves that would be it. 

I do have an LLC with another partner of mine, so I get where you are coming from. This particular deal is not like that. They have extra cash and essentially said, "I trust you know if its a good opportunity, so here you go."

Thanks for the feedback Drew. That's a way of structuring it that I didn't think about.  

I am looking for advice on a fair deal structure for my partner and I. I've already been involved in RE and this will be my 4th deal. partner has no knowledge/experience, but would like to piggyback on my deal (and I could use the extra cash). Here are the details:

-50/50 split of cash-to-close and operating costs

-I did all the legwork on the deal and will be covering all property management duties

-Mortgage will only be in my name. Partner is essentially silent money

Instead of note type of structure, partner wants to have % share of free cash flows and equity. In my opinion, a 50/50 share isn't necessarily fair to me. Hopefully some of you have done a similar deal and I can crowdsource a reasonable split. 

Thanks