All Forum Posts by: Tab Teehee

@Kris L.

I think we have a reserve account of $5,000, which is an amount suggested by the PM.

@Dj Hume

Thanks DJ, it is a pretty awesome property, I feel blessed to have had the opportunity to purchase it, rehab it and make it profitable!

Just learning as I go, thanks to help and advice from people like yourself.

@Danny Randazzo

I guess on a positive note I'm the only investor, so nobody's mad at me, lol

@Chris Coleman

They have the ability to direct deposit into my llc account, so that part is easy!

They are now proposing sending me 80% of the NOI each month which still doesn't make any sense since we have already achieved our reserve account desired balance.

@Tab Teehee

Correction but I see no edit feature, I'm actually 2/3 owner of land not 1/3

Hopefully someone can make some sense of this....

Through an estate I'm a 1/3 owner of a two parcels of raw land that total 27 acres. One of the 1/3 owners wants to sell, I want to develop it. The only solution I can see is to buy out the 1/3 owner of his interest. During the settling of the estate we had an appraisal done and based on those values we arrived at a buyout dollar amount that the 1/3 owner will accept.

I'm looking at roughly 80k to buy out the 1/3 owner which means I already have 160k equity in the land based on the appraisal. I'd rather not tie up 80k of my own funds to do the buyout. What creative options might be available for me to look at? I'm also wanting to develop this property so I could possibly bring in a partner or partners that might be willing to absorb some of this? Ideas?

@Caleb Heimsoth

We are just getting to 100% occupancy this month, but the monthly excess will be around $4,500 after debt service, management fees, etc.

@Caleb Heimsoth

They are a pretty large company in the area that has been around a very long time...definitely not too worried about being ripped off, but I'm sure it happens. They send me an extremely detailed monthly accounting statement so I always know what funds are going where. So the bottom line here is, after there reserves are met and bills are paid, they should be sending me everything that's left.

Yes I felt it was a bit odd myself, but didn't know if it was an industry standard, hence the question posted here.