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All Forum Posts by: Jennifer Cooper

Jennifer Cooper has started 2 posts and replied 14 times.

Hi,

We are closing on our second short term rental in Oakhurst this month. Personally I really enjoy the area which is why I chose to invest there. Heres my listing: https://www.airbnb.com/rooms/5...

Happy to share our experience with you.

-Jennifer

Post: Silent Partner Contracts

Jennifer CooperPosted
  • Posts 14
  • Votes 12
Originally posted by @Deanna Lawrence:

Hi @Jennifer Cooper. My Dad and I did the same thing a few months ago. In our case, we just formed an LLC with me as the managing member. Our ownership % and other details were spelled out in our operating agreement. You can absolutely have a lawyer draw all this up for you, but there are companies that specialize in nothing but LLC creation, usually for a lot less. I used Northwest Registered Agent, but there are others.

How did you decide what details where in the agreement. I have no idea what’s even customary.

Post: Silent Partner Contracts

Jennifer CooperPosted
  • Posts 14
  • Votes 12
Originally posted by @Cody Lewis:

That's fantastic to hear about with your Dad! IMO, the best move would be to speak to a lawyer instead of trying to find a contract yourself. It will cost a little money up front but well worth it in the case that anything is disputed in the future.

Yes! Solid advice, however shouldn’t I know what type arrangement we want or the details of what is to be drawn up? That’s what I’m looking for to be comfortable with terms before we ask a lawyer to finalize it. I have no idea what something like that looks like.

Post: Silent Partner Contracts

Jennifer CooperPosted
  • Posts 14
  • Votes 12

Hi, Im 38 years old, put our second offer in on a possible STR rental. I invited my parents to come with my husband and I to look around just for the heck of it because my dad is retired and since we had three young kids Tagalong I thought it might be helpful to have my parents with us to distract our kids.

Well guess what?! My dad was so intrigued by all of our research that he wants to invest in our business as a silent partner. Is there anywhere I can go to look sample contracts of how people make these types of arrangements, what types of things need to be negotiated etc. Need something very well thought out. He wants to be a long term investor with 50k and for my brother to benefit from his investment when my father passes. 

Is there somewhere I can see examples of an arrangement like this?

-Jennifer