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All Forum Posts by: Tyler Henfling

Tyler Henfling has started 4 posts and replied 12 times.

Post: Member withdrawal prior to closing

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

@Jingwen Dunford

We actually did over raise with plenty of reserve however, it's more of the issue with having to restructure the operating agreement and getting it reapproved by our financial institution's committee. Anytime there is even a small document change they want things reapproved and it keeps pushing our closing date back further each time.

Like you said, best to move on and cross the finish line with a lesson learned. We have since figured this out and will be crossing said finish line in a few days. Thanks for the feedback!

Tyler

Post: Member withdrawal prior to closing

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

@Jingwen Dunford

Post: Member withdrawal prior to closing

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

@Lance Lvovsky

I have not. But in the OA there is a specific article stating that no withdrawal is permitted

Post: Member withdrawal prior to closing

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

Hello all,

I just had an investor back out of a deal that we are set to close on in one weeks time. They had signed the LLC's operating agreement but had not yet wired funds to the LLC'S account. It states in our OA that no member shall withdraw.

I'm a bit frustrated and at a loss. What can we do about this?

Tyler

Post: Cash reserves and taxation

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

@Nicole Heasley

It is in a lump sum prior to purchase. I knew the annual amount we set aside for reserv s would be taxed. I was just curious as to the initial raise and what happens as we carry the money over from year to year. Thanks for your response!

Post: Cash reserves and taxation

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

@Ashish Acharya

Thank you so much for your reply! I figured as much but again, this is my first multi-family deal so I just wanted to be sure.

Post: Cash reserves and taxation

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

When putting together our first multifamily deal, we built in a cash reserve to be used over a five-year hold for such things like capital improvements and unit upgrades. We don't anticipate using all this money in year one obviously, so my question is whether or not that cash reserve is taxed each year? Thoughts and insight would be greatly appreciated!

Post: First experience with the power of real estate

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

@Joshua LeMasters

Thank you my friend! The first one can seem ever elusive but I promise, it will come. Good luck in your journey!

Post: First experience with the power of real estate

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

Thank you, @Mindy Jensen. You are exactly right! I'm not a fan of paying rent so a live-in is the best option to me. Making money off of the roof over your own head :)

Post: First experience with the power of real estate

Tyler HenflingPosted
  • Investor
  • Southeast Ohio
  • Posts 12
  • Votes 5

Thanks! It's a slower strategy but still effective. Especially when you save on capital gains! I've come to love the MF space (closing on my first deal this month) and plan to keep using SF deals to provide capital for future acquisitions. Cheers to prosperity!