All Forum Posts by: Tim Vallee

Hello, 

Thank you all for your responses. We already have an Attorney in place, but I seem to be the only one concerned about how things should be written up or addressed. I will make sure everything is spelled out in the Operating Agreement. The Attorney seems fine leaving the old Operating Agreement in place which didn't mention my sister or I at all. Seems crazy to me. I need to find a CPA both of us agree on to run the LLC through.

I own a Commercial Property with my sibling. We will be 50/50 partners. My sibling owns a separate business that I am not involved in. That business has rented within the building, we now own together, for the last 20 years. Including my siblings business, there are 8 business renting within the complex. I have two questions:

What should be in our Operating Agreement (partnership)

How much, if any, should my siblings rent be now that she owns 1/2 the building

Does Myreipro allow you to sign up and pay $109 on a month to month basis. Or is there a period of time you are locked into at that rate? Can you cancel at anytime?

@John Mathewson

That is kind of what I was wondering. If I put up all the money and holding costs and the contractor is only responsible for the rehab, I would prefer they not add normal contractor prices to the project. Sounds like it would be to easy for them to do that and make a lot more with much less risk. 

@Luke H.

Would you recommend closing with the Contractor's name on property too. I am assuming a separate contract (possibly through a lawyer) would spell out the details of the partnership.  

Hello BP world

I know a Contractor / Flipper. He does very good work and flips his product out quickly. If he were interested in partnering on a property flip, what would that deal look like. I know this is a loaded question. 

I was thinking of purchasing the property (and putting the contractors name on the property with me) and have the contractor put his own money into the rehab portion of the flip. The Contractor would have full rehab decision making authority. After the rehab, we would sell the property and split the profit 50/50. 

Is this a good or bad idea, and why. 

Thanks

TV

@Zebulon Zilar

I have actually gone to the Courthouse and checked out the code enforcement properties that owed money. I really didn't know what to do with that information, but I may revisit that angle. 

@Teresa F.

@Thomas S.

Thank you for your response. I actually agree with you both. There has not been an issue so far, so I don't want to create one. I also don't want to be left holding the bag, at the end of the day, if there is an issue or incident. It is my 1st rental property and I want to cover all the bases and treat it professionally. By not having a lease or requiring insurance, I feel like I am not Controlling my property. If the tenant ever leaves or when I screen a new tenant for my next property, I will have all paperwork signed and there won't be an issue. I guess it comes down to me feeling more like a landlord if I require insurance and sign a lease. Right now, It just feels like I have less control. 

And how often would you recommend a walk through of the property? 

Thanks

TV

I purchased a property from my dad 2 1/2 years ago. The tenant had already lived in the property about 8 years prior to my purchase. I have had to fix a few things but tenant pays every month, on time. My dad did not have a lease and I haven't initiated a lease either. The tenant has always had big dogs and it has been suggested to require he obtain dog insurance. 

Should I (after 2 1/2 years) have my tenant sign a 1-3 year lease and require him to get renters or dog insurance. If so who should I recommend to him and how much will it cost him. Or will this rock of the boat make a good renter go away? Any input from the BP world would be appreciated. Thanks 

TV

@David Haleundefined

Google Freedom Roofing and Restoration and ask for Ryan Walker.