All Forum Posts by: Mike Bonadies

@David Weintraub - Thanks for responding.  

We are trying to figure out the operational management portion. We've determined that we would split all expenses/profit 50/50 with possible amendments based on additional risk an individual would have to take to secure financing. 

We are looking for feedback on how others structured their partnership from a daily activity perspective (IE. The local partner takes care of contractors, ensuring rehabs stay on plan, surveying of properties, keeping records, etc... - The distance partner takes care of speaking with sellers/buyers, finding tenets, screening tenets, creation of leases & other contracts, finding financing, etc.... Both partners - equal burden of finding deals.) I hope that makes more sense.

Hi Guys! My Partner and I are forming a real estate investing company and we wanted to see how other partnerships split our responsibilities - especially ones where one partner was local and the other was long distance.

A little bit about us:
We are two professionals starting an LLC in South Jersey and where we plan on specializing in buy and hold properties in blue collar/upper-middle class neighborhoods. One of us lives in South Jersey where we plan to operate and the other lives in Baltimore. Here's some of our talents/skills:

Baltimore Guy:

• The more financially savoy of us.
• Better salesmen/net-worker
• Larger base salary
• Better marketer
• Operationally minded

South Jersey Guy:

• Much more of a firm/no BS attitude
• Can do minor repairs-handyman jobs
• Better at organization
• Better credit score
• Has their PHd (more credible?)

How would you split out the responsibilities of a real estate investing company with someone being local and someone being long distance? I've heard and spoke to a few people that have had a similar relationship but wanted to get more opinions as we are just jumping into this for the first time.

Thanks for the help!

Best,

Mike

@Daniel Hyman & @Ron Trinh - Thanks a bunch for the comments. I had a typo and I meant to say depreciation not appreciation but it looks like you knew what I meant Dan! This gives me a basis to work off of.

Hey guys I'm new to the real estate world and I have a question on Tax deductions when it comes to purchasing a single family home and renting out the rooms to tenets in the Baltimore area.

I was looking into personally purchasing a 3 bed/2 bath house in Hampden, Baltimore using seller financing, living in one room and renting the other two out. If I purchase the house using seller financing can I:

A) Deduct the mortgage payment off my taxes?

B) Deduct appreciation off my taxes for my house?

C) Deduct expenses like repairs & cap-ex off my taxes?

Looking forward to the help!

-Mike Bonadies