All Forum Posts by: Corey Meyer

I spoke with a friend yesterday that was able to pull a line of credit against his stock portfolio with Merrill Lynch.

Does anyone know if a third party lender offers an LOC on a Robinhood brokerage account?

What terms/partnership structure would you offer partner that is bringing much more cash to deal for land purchase and build? I am still wanting to maintain an 50/50 stake in equity of the partnership.

What can I offer? Interest on the money he invested is paid out from the Company cash flow until he is paid back is what I’m mulling over...

If a business partner would like to exit their position in a partnership of an investment property with a long-term "buy and hold" strategy how would they do it?  What clauses are vital to have in an operating agreement?  

Is 5-10 years or 10-20 year hold doable in the operating agreement?

Thanks for any help in advance!

Corey

@Eamonn McElroy.  Thanks!

@Marty Johnston

Thanks so much for your in-depth answers to all of my questions, I really appreciate the explanation. 

@Anthony Wienke

Well Covid is still here but I am back on track. I moved into the Airbnb during shelter in place. I am thankful Montana took a lighter approach on restrictions and allowed tourism to run this summer and into the winter! I hope all is well!

@Corey Meyer

This STR has weathered the storm. I ended up spending my shelter in place order and much of the early Covid Pandemic in this little mountain retreat. I had been paying month to month rent in a neighboring town and was able to move out April 1st.

I re-launched this property into the Short-Term Rental market July 1st. The summer was a little slow as the resort didn’t operate fully.

This winter-

Big Sky Resort is operational at a limited capacity and I am seeing this property book well for the winter ski season 2020/2021. It has been helpful being based in Montana where business restrictions due to Covid have been limited. We are taking cautionary measures but restaurants, bars, and small businesses are open.

I had a Christmas/New Years booking for 22 nights at a little over $4,000 book this retro ski mountain retreat. Not bad for a 440sq/ft studio in the mountain village of Big Sky, Montana!

Have a Happy New Year everyone.

@Carmen Dettloff

I agree. Cash flow is nearly impossible to find now in Big Sky, Montana for any property short-term or long-term. Not only that, prices are so high our local banks won’t even finance investment properties in Big Sky. Cash buyers!

I currently hold a property in an LLC without any partners. I am getting ready to buy another investment property with the same criteria as the property in this LLC and would like them to be grouped together for financial reporting etc.

I will be purchasing this property with a partner. Can we buy with my current LLC that holds an asset my partner has no ownership in? Perhaps I can have my attorney draw up a partnership agreement for individual properties within one LLC?

Also, if the partner is carrying the financing, should I be on the mortgage? As a co-signer? Does it matter? In my knowledge it shouldn’t, as long as I am represented on the Title of the property.

I will be helping my partner secure financing and will walk them through the bank process. If we get a traditional loan, is it possible to get financed with a partner under an LLC?

My partner doesn’t have any real estate holdings and will qualify for traditional financing. I like the low rates and long-term loan as we are going with a buy and hold 5-10 year strategy.

Or is commercial lending the route to take with partners? The current property held in this LLC was financed by a commercial loan.

Thanks,

Corey