All Forum Posts by: Jacob Thorp

Hello!

I am in the market for a mowing & snow removal service. Someone to mow about every 2 weeks and deal with plowing / snowblowing and sidewalk for my multifamily in Penfield, NY. My current quote is for $120/month which includes mowing, snow removal, spring & fall cleanup (still need details on this from vendor). I'm looking to purchase more property and will be adding addresses to the portfolio so even more business in the future.

Please send me your best vendor, I'd be happy to give them some more business!

Thank you! 

@Jaysen Medhurst,

Thank you for the input! I like the idea of a hold, and after the period (e.g. 7 years) we could somehow hold the right to refi instead of sell, I'd much rather refi to maintain the property and stop splitting the cash flow. Maybe that's just built into the agreement, after X number of years you'll get principle + 12% and you'll be out of the property. 

Thanks again! 

Hello,

I am trying to research how to structure an agreement with a funding partner. I have found some great resources (https://www.biggerpockets.com/blog/2015/12/03/structuring-partnership-rental-properties/) but none of them discuss returning principle to the lender.

Example:

Managing partner A (me) and funding partner B (them) decide to go in on a multifamily.

$200,000 property 20% down + $10,000 rehab

Funding partner funds all $50,000.

Profits are split 50/50 (monthly cash flow / profits on a sale/refinance)

Sounds simple enough however how do you determine when to sell/refinance? When can you pay out the investor? Can the funding partner tell me he wants his capital, how would I get it out of the property if there isn't enough equity?

What are the common ways to repay private investors their principle? I appreciate any advise! Thank you.

@David Zheng

Congratulations man! I just bought my first thanks to inspiring stories like yours! Cannot wait to have my own post on this thread one day! Enjoy the rest of your new life man!

@Matt Honeyford

The lawyer conversation has come up from just about everybody I've asked. Thank you for the reply! 

Originally posted by @Paul Bowers:

I highly suggest reaching out to a couple local attorneys/accountants specializing in real estate.  There are some great choices in Rochester.

Are you going to end up owning a percentage of the properties he already has?  If not, I would assume you wouldn't want to co-mingle his solo funds with your join funds.

Thank you for the feedback!  

Good evening,

My friend and I are considering partnering up on building a portfolio. I am good with bookkeeping and we both want to reach financial freedom, so we figure why not work together. We are stumped as to the legal hurdles though, could someone help point us in the right direction with some of the below questions! 

1. What do I have to do to collect rents and pay for maintenance for properties he owns? (i.e. what paperwork is required for me to be the property manager for properties he owns? Can we just have a joint bank account for that?)
2. Does each property need it's own bank account or can we have 1 JOINT checking account for all deposits from all properties to go in to or does each property need it's own account (which seems ridiculous)?
3. At what point do we need an LLC? At what point would it be WISE to pursue an LLC? How should we consider setting this up as partners while owning properties independently?

Thank you! 

Hello,

I'm considering proposing Airbnb to a friend of mine for his apartment in the city. He travels monday-friday for work and could rent out during the week.

Does anyone have any recommendations on cleaning contractors for Airbnb? He doesn't want to deal with cleaning or coordinating residents etc. I think it's an opportunity for me to hop in as the manager and make some passive income with a couple emails to clients and a cleaner.

I appreciate any feedback! Thank you!

@Nathan Mills How do you encourage tenants to use it? Do you mandate it or offer a discount for using roof to pay for rent / fee to pay in another form. Do you use it to manage maintenance tickets also or just rent?

Hello, I am looking into starting my investment career and after hearing Brandon mention this product on a podcast I've been very interested to hear some feedback on what people think. This product is available on the app store or here. https://roof.io It looks like a brilliant software for landlords and tenants to use to track maintenance requests, handle complaints, and process payments. I am setting it up and experimenting with it's services but I'm so new to real estate I want some experienced people to give me some of their thoughts. If anyone knows about this service and has some advice for me please let me know! Thank you!