All Forum Posts by: Frederick Kirk Wendel

@Kyle Davis newbie here.  I have seen on the forums a good point I hope to implement with my buy and holds. If your going to be holding and you do the big repairs needed up front ( roof, hvac, plumbing/sewer, elec up to code ect..) It buys you the time to build up the reserves @Nathan Gesner is speaking about.

I still run the numbers with 10% both Capex and Repairs for the property. However once the reserves are where you want them, its additional cash flow from there on. At least till you need to refill the reserves.

Kirk

@Michelle Lutz I do not know if I am playing devils advocate here, but..

Litigation aside, How is this effecting your (and the other 4 investors) income from the assets?  Will it be affecting your current plans? Your exit strategy?  In other words, do you have time to fix this?

You have not mentioned the others opinions yet. I only ask because you did not know about the second lien until you moved to sell a unit.  right?

My point being, If you walk into a room with your fists raised, you will increase the odds of getting into a fight.  If you have the time, you and the partners could clean things up without an undue amount of drama.

That said, you might still be going through litigation in this. (most likely)

best of luck

Kirk

@Tyler Mullen you think like a detective, well done. It is another path to build that elusive team. Along with your comment on becoming efficient at it.

@Mark Pedroza, You make good sense. I am helping my parents form a living trust. It is just enough to bother with. And as exec of the Will, I am helping them cover all the bases with the Lawyer/estate planning. Siblings and family are up to date too.

Not been a bad experience at all. Just on BP, I read articles and blogs, to forums, and I have gleaned enough information to ask the right questions of both my P's and my siblings. Helping parents understand, as well as me digging to find out what they want to have happen after there passing.

So I will someday be the one selling. (if that's the final direction they give in the trust)

@Rich Hupper I will post when I find out how my parents papers file. Thinking, just maybe, I might want to know what rules I will be working under.

good thread.

Welcome to BP @Sylvia Harris, 

@Sylvia Harris

Let us know how it works out. or if you pass on it, please. We don't get allot of data on the near misses.

Thanks

Kirk

@Ty Kayton Nice intro and no its not to long at all.

Welcome to BP. I look foreword to seeing you around on the forums. With your experience in construction, business and you have done a flip. Don't just study my friend, share when you can, it could help others allot to get your experience in the discussions.

Squireling away Capital too in the mean time I take it?

All the best

Kirk

Search this site for posts about building a new team out of state?

I like the tip given about looking up all the brokers in the area your heading to. Seeing as your thinking about going to work for one of them anyway, but for now your contacting them about the local market. As an investor first.

Any other specifics? when there, are you still going to be looking elsewhere (out of state, Main) for investments?

@Jerry W. Thank you. 

Sorry for the poor delivery in my first post.

You answered two, and a third, formed as I read your post.

And I have more now. Meeting an Estate Lawyer tomorrow.

Thanks for the info!

Kirk

@Andrew K. your post :

If you really wanted to show a piece of real estate as heavily leveraged could you just write a note between the RE and another entity you control for 100%+ of the value. Never pay on it but it's first position?

Answer. I think no. The way you state it. 

Keep digging. I am still new at this too. There are ways to do things creatively, and not be 'fishy' as you put it, that protect the investment. To follow the rules you need to know them. I like the info from Jerry W. as I am in Wyoming so my holding LLC will be here of course.

@Jerry W. A quick Q. Two items I have seen:

1) Hypothetically: My wife and I own Ouch.LLC say, Ouch.LLC holds the asset.

Someone wins, through litigation, the judgement All the way. Wages first I think then dividend or capital distribution...  But I never took wages before, (would have been recycling to grow) and I can simply not take any form of Distribution and just keep the equity in the Business?

Or is that the point they come to the LLC bank account or attach? This is what I thought the charging order stopped. That's why I ask the Q.

2) The other part of this was, Ouch.LLC's income tax (or portion covered in the judgement?) can be passed to the beneficiary of the judgement? not at all sure I am saying this well.

And one last Q., could you take moneys out of the LLC as a Loan? Legit with interest, so you can keep moving forward? (this would be AFTER the judgement.)

This all seems to me to be delaying tactics only. A judgement to pay needs to be paid, You just want to make sure it will not cripple you.

-

I will be asking my local legal experts. Good way to see what they know and maybe get a better fit for my team.

WHOOT BP! I got off work at 3am, its 7am now and I cant wait to get out the door! lol

Kirk

@Andrew K. You talking about a trust? (Land or grantor’s revocable or,Living trust)ect...

Or an LLC? holding first-lean

See a lawyer. The lean is a legal doc. has to be real. and noterized ect