All Forum Posts by: Dakota Workman

@Alecia Loveless I'm seriously considering it. Especially to avoid something crazy like that. And while we've kept expenses separated and what not, I do worry he could do the same to me.

He's, no doubt, definitely gotten to make some money from some of the draws we've had, I've at least been able to grab enough from them to keep up on top of bills or what not. Nothing majorly helpful though. Pretty much have to talk him into it just to get something to help. Which feels crappy to begin with.

We do have a partnership LLC together on this, to add. But he's definitely not the same guy I went into it with, not at this point. Definitely feel like he's using me WAY more than he should, at least indirectly.

Is it even possible to kick him out of a partnership LLC? Not sure how those different from regular, single member ones, but still. Something has to be done, I don't want to get to such an extreme point like that. But may not have the option anymore.

Doing this in a different state presents so many challenges on how to handle things and laws and what not. Me, in the state beside his, but still. Any piece of knowledge on it is definitely helpful.

I seriously appreciate all the good advice I got, whether I look foolish from my own ignorance or not, I know I have to take it all seriously.

Honestly, the first few months were fine, up until his divorce. And it's spiraled downhill since. I've been patient, compassionate of his worries, and more. Everyone is right when you say I have to keep moving forward, regardless. 

We do have an operating agreement made up for our business LLC, so that'll be helpful. And while no agreement was written up on a timetable, which I obviously regret at this point, that was under the expectation he was doing something to move the project forward, which he's failed on.

It seems everyone thinks I should reach out to an attorney correct? I'll have to do that soon then. I'll still start with speaking to him to get him to understand and see if that gets the project moving again but the attorney will be the quickest, next immediate option.  

If I can't be in the area for whatever reason, is a lawyer allowed to check up on him and the house in my place, for walkthroughs or otherwise, or should I find someone else to do such a thing?

Covering bases here I guess. 

Also, to add, he is based out in Pennsylvania, the house too. 

Any other advice to be more aware of in the future going forward, will always be appreciated.

My partner in my business, a contractor just by himself, has been dragging his feet on our first couple deals the last 6 months on the excuse that his recent separation from his wife is effecting him mentally. Although, I think it's just an excuse to take advantage of me to use the couple houses we got for him to work on as a place to stay and earn extra money from the couple draws we've gotten so far. 

Hos behavior has been upsetting me more lately with him going a week at a time between getting back to me between messages or calls, being ignored for days at a time. Assuring me were close to getting the next stage done and another draw coming soon. With no proof of that happening or often leading into the next week repeatedly. There's other stuff, but just to give you an idea. 

Wondering if I should take some kind of legal action to get him to work right, otherwise I'm gonna lose my mind. It's been 6 weeks since I've seen any progress or we've had another draw, with the payment a month on the place hitting us now, and I'm not sure how to get him to do some dang work and get this project going again. 

He also is not receptive to getting hired help to get things moving faster, assuming he wants to keep the portion of the draw money all to himself on that regard, but still. 

My money is what's tied up in the house as well, another reason I think he isn't as URGENT as I am with getting the place done and sold. 

Just want some advice on what I could do here? The project is in Pennsylvania, by the way.

Thanks for everyone's replies so far. I am being more cautious with this, just to throw it out there, since I've read plenty of horror stories about auctions. Definitely don't wanna get a bad deal. I do wanna say, when I mentioned earlier about the 2650 in rent, I meant from tenants. It's got every unit with tenants in it, in my untrained eye, that means the place is at least a bit up to par. But I'm inexperienced, so I can't just take that at face value, thinking just because it has tenants, that it'll be worth having. Because like Bob said, they may not even be paying any rent and that would be TERRIBLE for a new guy like me, so I see how he's right in that regard. 

My max bid, if I got the funds, would have been no larger than 100k, if around that. Using that 1 percent rule I hear, to make sure you make money back on the rent thats paid. I'll definitely look around for someone more experienced and show them the place and what they think about it. Probably the safer, smarter option. 

There is an auction in about a month for a 6 unit building, fully rented out as far as I know, for 2650 a month. Thing is, I know auctions all have their own set of rules and such. And it's an online bid type of auction. While in trying to learn about Wholesaling, I'd like to dive into the investment end of Real Estate as well. 

Guess I'm asking for a bit of help or info from anyone who's done a lot of auctions and if there are loans out there to fund such an investment, whatever it ends up being, within reason? Any help is appreciated. I'm a newbie, just trying to make smart decisions.