All Forum Posts by: Kate Pasinelli

@Steve Vaughan - thank you Steve! I think the way my dad is looking at is, is that if he invested in an stock and it gained appreciation year over year And then passed away, that stock would be worth X amount more and then split between my brother and I. I think he’s feeling this because my brother didn’t utilize the funds a year ago when he could’ve and now the market is changed and he may not be able to buy it on the same types of property. So now in case my brother doesn’t utilize that opportunity to use his 140K then he will still benefit from what my dad has done with my investment. My brother had the opportunity to partner with my dad last year as well but he decided to buy a four Plex on his own and not partner. Would it make sense to buyout my father for the hundred and $140,000 as quick as I can, so he can then help me brother but then still allow my dad to have 30% of the cash flow moving forward? He is still an active owner and does a lot of maintenance on the property and does a lot of work and my mom works in the Airbnb hospitality.

Looking for some perspective on a family dynamic investment situation.

Last year my parents/ husband and I partnered on a 12 unit apartment complex. I asked my parents to be active partners and he took out a Home Line of Credit to do so as we couldn’t afford to do it on our own. We made the decision that I could use half of the line of credit to invest and my brother could use the other half of the line of credit to invest with my parents on his venture if he so chooses. I had an amazing property fall in my lap due to my real estate connections (I’m an agent) and utilized the opportunity.

My husband and I own 70% and my parents own 30% of it. We all spent the last year renovating and updating multiple units and I ended up turning 4 units into Airbnb’s and making the building quite profitable. The original thought was that my brother and I have equal opportunity to invest $140k each of my dads line of credit and then in the end the properties that we invested on would be gifted to us and parents would make the cashflow while they were owners. We haven’t wrote the partnership agreement yet and my parents just updated their will and they wrote that when my parents pass the (30%) that they own, it would be divided in half and my brother would own 15% of my building. (I would prefer the first option to buyout before being forced into a partnership, but that’s not the way it was written)

I guess they are second guessing the gifting part of it in the end and that maybe my brother won’t utilize his opportunity and I have more opportunities and experience and they want it to be fair. It seems tough to swollow that now I will have to buy that back and such a higher price even though we have done all the work to increase the value. I understand that they want it to be fair, I’m just trying to get some perspective on if that’s the best way to do it or if anyone has done anything else.

Or if my dad just wants to sell, what’s the fairest way to figure out the buyout. New appraisal and buyout at the new increased value?

Thank you!

Looking for some perspective on a family dynamic investment situation.

Last year my parents/ husband and I partnered on a 12 unit apartment complex. I asked my parents to be active partners and he took out a Home Line of Credit to do so as we couldn’t afford to do it on our own. We made the decision that I could use half of the line of credit to invest and my brother could use the other half of the line of credit to invest with my parents on his venture if he so chooses. I had an amazing property fall in my lap due to my real estate connections (I’m an agent) and utilized the opportunity.

My husband and I own 70% and my parents own 30% of it. We all spent the last year renovating and updating multiple units and I ended up turning 4 units into Airbnb’s and making the building quite profitable. The original thought was that my brother and I have equal opportunity to invest $140k each of my dads line of credit and then in the end the properties that we invested on would be gifted to us and parents would make the cashflow while they were owners. We haven’t wrote the partnership agreement yet and my parents just updated their will and they wrote that when my parents pass the (30%) that they own, it would be divided in half and my brother would own 15% of my building. (I would prefer the first option to buyout before being forced into a partnership, but that’s not the way it was written)

I guess they are second guessing the gifting part of it in the end and that maybe my brother won’t utilize his opportunity and I have more opportunities and experience and they want it to be fair. It seems tough to swollow that now I will have to buy that back and such a higher price even though we have done all the work to increase the value. I understand that they want it to be fair, I’m just trying to get some perspective on if that’s the best way to do it or if anyone has done anything else.

Or if my dad just wants to sell, what’s the fairest way to figure out the buyout. New appraisal and buyout at the new increased value?

Thank you!

@Travis Showalter Hey Travis! I’m from Thunder Bay as well and I am also a realtor and investor here and have been on bigger pockets for many years. I would be happy to connect or even jump on a call to chat about the market here if that helps!

I’m closing on a 5plex in two weeks and I’m wondering if if I should hand all my tenants that I will be assuming a sheet with my rules and regs and info on it? What are some

I should include? Thanks!

Oh hey everyone! I’m a realtor in Thunder Bay, and also know a ton about investing as well. I have lots of experience with buying and selling as well as flipping properties and investment properties (own a 5plex myself) I’ve been on Bigger Pockets for about 7 years now and real estate obsessed. Hit me up for any real estate questions!

@Tina Tsysh thank you for saying this, I needed to hear that! Really puts it in perspective I’m going to look up the timelines and such for Canada and then implement accordingly.

@Tina Tsysh thanks! The units are all in good shape but we would ideally like to rehab all of them to increase the rent as the rents are currently low and under market rent as it is. Two of the tenants have been there a very long time so I’m wondering how to increase the turnover it doesn’t take 5-10 years. Pay to leave? They are all on month to month so no leases in place and I didn’t want to get them to sign anything as I want all the units to turn over. I wonder what the risks are not having anything signed...

@Cory Lucas thanks so much!I’ll check out that app, I’m not sure if Canada allows for credit reporting but I would like to find out.

Hi, Im a new 5 Plex landlord - What are the first things I should do and are there any apps that are recommended for rents etc that are recommended. Thank you for your help!!!!!