All Forum Posts by: Bruce M.

Awesome thanks Michael. We'll definitely treat this person well!!

Dawn, J Scott got exactly what I was talking about. This person will cosign with my partner and will not put any other work into the deal. We agreed upon 10% of the profit for the first deal. Was that too much?

Hello all. My sister and I have just started an LLC to do flips and buy and holds. We have someone who is able to assist us on a "silent partner" basis. This person is assisting by lending us their credit standing. What would be a fair compensation for this?

I thought so John it was just that the process with this one particular bank was taking so long that I began to wonder will I ever be able to take advantage of something quickly w/o someone snapping it up. I'll be moving on to the next community bank and take another crack at it. Thx

Good morning all. I have a ton of ideas for my community from a real estate perspective. I see several opportunities for flipping as well as holding multi-use properties. The part that puzzles me is, do I enter a sale agreement then seek financing or do I try to get pre-approval prior to entering an AOS. One of the reasons I'm asking is because I'm doing number crunches for several properties and I submit the proposals to a community bank and the correspondence can sometimes be so slow that the property goes from "available" to "pending" in the interim.

Awesome Awesome idea!! Thx Chris!! Thx for giving me ideas w/o know much about any operating agreements. Heck we don't have any agreements in place yet and this discussion really helps in giving an idea to get that verbiage in there.

Thx joel.
Chris, neither LLCs are formed at the moment...we're still ironing out some scenarios before we agree to anything. Chris do you have some ideas where it will or will not be a conflict of interest?

Thx bryan, the main reason for doing 2 entities is because my wife and sister's opinions vary and I didn't want any bickering between the 2. I may be wrong but I don't believe they wanna do biz with each other either. My sis is saying that any real estate I purchase should be purchased via the LLC we create (if I agree to), unless it's a personal residence or vacation home. Does it sound like my sis is too involved in my home life where she is placing these stipulations before agreeing to go into business with me?

Bryan, I totally agree. She states that she thinks that I'll bypass company A to do all deals with company B since all the money would then come to my houshold. I'm not that careless.

Hello all. Here is my prob. I want to start a company for buy and hold and possibly flipping properties, once the market gets better. The 2 people in charge of this company will be me and my sister....Let's call it Company A. I also want to do investments with my wife a few years down the road and we'll call that Company B. My sister does not
want to form Company A if Company B has a strong possibility of happening. What do you all think? Is she in the right?