All Forum Posts by: Dominic Jimenez

HELP

How would you divide this Partnership so everyone is happy with their roles and involvement??

I'm currently working on building a team for future construction on 1 1/2 acre lot. The lot has been measured are parted into 5 individual lots for 5 brand new homes. My team and I are putting together plans on how and what we should do but I'm already thinking ahead of everyone's role and percentage of ownership in this potential partnership. Our team is currently up to 5 members and we're looking to stay here or drop to 4, subject to change till October 2024. Roles and involvement below

Partner 1- Owner of land. Bought for $18,000 cash and now priced at $90,000. This partner will be hands on because he is the closest to the property and can oversee development. They will be investing an additional $10,000 towards the start of the first build. They also have an LLC that will be carrying 1/2 of the initial loan

Partner 2- They have all of the real estate investment, team management, and project management knowledge and experience. They will be managing the projects and be on site most weekends to oversee development. They will also be bringing $10,000 investment to the first build and their LLC will carry the other 1/2 of the loan

Partner 3- This is our realtor who may or may not be an investor. They will be in charge of finding our contractor to build the homes and will represent us in selling the home. I was thinking as realtor, their percentage should be 3% of sale if they just represent us and 4.5% if they represent both sides. If they do decide to invest, they will be bringing $10,000 towards the first build

Partner 4 & 5- This will be our hands off investor. They live the furthest from the property and will be their first investment deal. They will be bringing in $15,000 or $20,000 each depending on Partner 3

**Partner 3-5 will be paid out each by the LLCs carrying the loan**



How would you divide this Partnership so everyone is happy with their roles and involvement??

Good morning all

I have a section 8 tenant who is behind 2 months with late payments. He informed me he’d be late and would be making a lump sum payment on February 1st. The payment does not cover the two late payments and will not cover his additional monthly payment for February. How should this be paid towards?

Back pay in rent owed is $832. His payment for February will be $700. Rent due for February is $234. Late fees are $200.

Should I take $234 for his February payment and stop the late fees and have the remaining $466 go towards his back pay, outstanding balance of rent owed $366?

Or 

Should I pay $700 towards the back pay of $832 and penalize him again for late payment of February bringing his outstanding balance of rent owed to $566?

My lender found me an out of state private lender for this commercial property I’m wanting to buy. The property is 8 lots with 8 electric and water connections, 2 mobile homes, and 4 travel trailers on the property. They will be providing full funding, no money out of my pockets. What should I be expecting on interest rates, term of contract, and any other stipulations for using this private lender.

It’s so hard for me to get in contact with my lender and she hasn’t answered me on these questions. I just want a ballpark so my expectations aren’t so high