Originally posted by
@Jake Lassie:
Hi BP community,
I wanted to reach out to seek advice on an issue that I'm having. For a little background info, I bought two houses under my and my business partner's LLC of which I'm the managing member. We renovated them and tried to sell, but couldn't get either to move. We've had them in hard money for 9 months now and the fees are killing both of us.
I've been seeking to refinance both properties and after looking all over the place I found some private lenders that will do longer term lower interest. Throughout this process (couple months) of trying to get them stabilized, I've had no help (other than holding cost payments) from my partner. He was barely even communicating with me at all.
After this month's holding cost payment that he sent late, I received an email from him saying that he will no longer be contributing in money, effort, or resources to these two projects. He also said that he has blocked my number and will only communicate via email from now on. I'm paying the costs for the refinances and everything myself right now even though he is responsible for half based on our operating agreement and JV agreements.
I don't know why he just went off of the deep end, but now he doesn't even respond to my emails about these deals/the company. And as I said, he's blocked my phone number. What should I do in this situation? I know that we all aren't lawyers, but I'd love to get some educated advice and possibly some educated advice from a lawyer-member on here on what to do.
Do I just eat the costs, stabilize the assets, and just let these properties ride while never working with him again? Do I try and force him out of the entity? At what point would I look into suing him? One thing that he messed up on is that he wrote an email to me that was very descriptive on what he WASN'T going to do even though it is directly in conflict with the OA and JV. So I have that going for me...
I'm confused and a bit worried. Any help is much appreciated.
Thank you,
Jake
