All Forum Posts by: Libby Tucker

This is probably a dumb follow up question, but, I see the owner's name.  What's the best way to get contact info?  

Thanks!  I just found the website to search, though I don't see owner names, but I'm sure it's just a matter of digging deeper.  Yes, I do have broker contacts, I didn't think to ask them and many represent the property management co it seems.  I will keep digging in this direction, thanks!  

Thanks for the welcomes!  @Adam K. the buildings I'm looking at are mostly 3+ family, looking to convert to multi-dwelling.  

Thanks, good ideas.   

@Bob Thomas - I agree, an overall investment co. 

@rfplevy - How can I find the building owner?  

Thanks Mark!  Will do! 

Hi Everyone!  

I'm brand spankin' new!  I just posted my first post here 

http://www.biggerpockets.com/forums/48/topics/1970...

It basically explains who I am and what I'm trying to accomplish (by way of my question on structuring a deal).  

I'll share some of it here and tell you more.  

I have 2 properties in Seattle. One I split into 2 separate 2 bedroom units, the other is a houseboat and I negotiated seller financing.

I sold my first house to start my first business.  I am a tech startup entrepreneur.  

I've been a landlord for 10+ years. I've done most of the work myself, or worked with contractors to do fixes, remodeling, rehabbing, etc. I have directly managed tenants, and I've worked with AirBnB, and property management companies.

I'm now in New York City / Brooklyn.

Currently I don't have funding for another property, and don't have cash to put down on a seller financed deal.  But, I have lots of motivation and ambition.  

I have a business that looks to place other entrepreneur tenants (in a round about sort of way, I am happy to explain if you're interested) into co-living spaces. 

I am constantly looking for deals and trying to negotiate ways to make them happen.  But, I haven't been having luck with having very little capital to invest at the moment.  I tried hard money lending and was told I still needed 20% down. 

So - although I know a little, I discovered that there is a LOT I don't know.  That's why I'm here - to learn, to network, and to get some deals done! 

I look forward to meeting many of you and to learning from each other.  

Cheers, 

Libby 

Hi everyone, I'm new to this site, and I consider myself a new investor.  

I have 2 properties in Seattle.  One I split into 2 separate 2 bedroom units, the other is a houseboat and I negotiated seller financing.  

I've been a landlord for 10+ years.  I've done most of the work myself, or worked with contractors to do fixes, remodeling, rehabbing, etc.  I have directly managed tenants, and I've worked with AirBnB, and property management companies.  

I'm now in New York City / Brooklyn.  

My day job is a tech startup entrepreneur.  Currently I don't have funding for another property, and don't have cash to put down on a seller financed deal.  But, I have a business that has a community of other entrepreneurs who need a place to live and work, both short term and long term stays, and I have a waiting list.  Instead of renting spaces, for obvious reasons I want to buy.  This is a business I want to start in NYC and expand to other locations, buying multiple properties to do the same thing.  

I have 2 situations on the table for a property in NYC.  

Scenario 1: 

Company A has done this type of housing before, has 2-3 years experience, a semi-known brand in the space, and also has a list of potential tenants.  They are based in San Francisco and would like to expand.  

They do not have money to invest right now.  They offered me 25% cashflow and no equity in the building (if/when purchased), and no equity in the parent company, unless I gave them my business then I would vest to 1% after 4 years in theirs, current valuation approximately $2 million.  

Additionally I am tasked with doing all of the legwork on the ground - finding the space, putting in offers, etc. 

Scenario 2: 

Company B has cash to buy a property.  The want a 6% return cashflow.  They are interested in my business because they don't have to do any of the work.  I maintain the space, I find tenants, etc.  

They asked for equity in my business.  I said yes, but that I also wanted equity in the building in exchange for acting as the operator - I am out finding and viewing and vetting properties and would be involved in any construction.  

They asked why I would want a percentage equity in the property and don't seem to want to JV.

Summary: 

I have a JV/LLC opportunity to give a solid return and I'm doing the legwork. But I'm not sure that either is a good deal. I would like to counter with a sensible offer but I'm not 100% sure how to structure it.

Do we create an LLC for the entire project and become co-owners in both the business and the property?

If I have no upside in the building, i.e. no equity, why would I not just rent (and pay less than 6%) until I buy a property with my own money?  

For obvious reasons I prefer to buy.  I have 4 years experience living and subletting in this market in NYC.  I have local contacts including real estate agents and contractors.  

Does anyone have any advice on how to structure this?  Am I just not explaining the deal right or am I not talking to the right people?  Or am I way off? 

Thank you so much.  I've been banging my head on the wall for many months trying to figure this out.  

Appreciate any insights! 

Libby 

Signed up!  Hoping to be in town.  Will be great to meet you guys in person.  Safe travels.