new member in GA who found forum

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New member to this website, but have been longtime lurker.  I've had several residential rentals, still have one.  Need info from smarter people than me.  In an office building, i'm a owner of a group of owners which comprise the tenant/firm.  I've been offered a buy-in to the building as a 1/7 owner. (the other co-owners of the building are all my partners in the tenant/firm).  My share of the tenant rent is approximately $18k per year.  My share of the landlord take would be approximately $25k. (there are other tenants (excluding the firm) in so there is additional rent other than firm paid rent)  I need advice on buying in (or not) -- i'm effectively stuck as a part-owner of the tenant indefinitely, so i'll have to continue paying the rent whether or not I buy-in.  assuming a buying price of $200k, what are questions I should ask?

Hi @Bill Rhoads and congratulations on your first BiggerPockets post!

Many concerns arise, but three broad categories of questions come immediately to my mind:

  1. Ownership: How will title be held and by whom? Are you getting 1/7th direct ownership, or will you have a 1/7th share of an entity that itself has 100% ownership, or something else?
  2. Governance: How will operating decisions be made among the seven co-owners? Are all co-owners equal?
  3. Exit Strategy: What are your options if you want to get out of this arrangement in the future? What are the specific mechanics of valuing your share and compensating you fairly?

I'd start with these and see where they take you! Good luck!

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