All Forum Posts by: Justine Scheuher

@Jim Pellerin thanks for the input. I agree, it is very subjective. I think getting into the nitty gritty will be helpful...because of my experience/knowlege/and passion for REI, I will mostly likely be doing more. The 2 gentleman that I am partnering with want it to be passive as possbile.

Does anyone have a joint venture contract/example? or a recommendation on where to find one. There are so many things roles/responsibilites..I want to make sure everything is clear before we get into this. 

@Chris Coleman I love this, thank you. 

@Joe Villeneuve They reached out to me, wanted to pick my brian about starting into Airbnb. When I told them about the laws changing in Louisivlle making STR a pain (needing approval, paying fees, being highly taxed etc) the conversation turned into LTR. Shortly after, they reached out again to talk about LTR and possibly partnering.

I am partnering with 2 people. Each of us will be investing equally but I feel as though I have more knowledge on how to purchase and manage rentals and have all the forms/processes laid out. 

Granted, my experience has been 2 years of running my Airbnb and only 2 months of owning/renting a 4 plex. BUT Ive spent the past 3 years reading all the BP books.

One partner has no rental experience. And the other had a horrible experience 10 years ago..

What is my “experience/knowledge” worth? 
In addition to that, I also feel as though I am the ring leader, putting together action steps, keeping us moving forward/getting clear on our goals, etc. 

@Brian Pawl @Hai Loc @Sam P. Hey Guys, it's me again--you all had great input on partnerships and I'm wondering what your insights are on this one.

Update-the SFH in question last time is doing great (I ended up turning it into an Airbnb which is cashflowing 2.5x more than a regular LTR), I did that deal solo (thanks to your alls input).

Recently, I sold my primary home and bought a 4-unit which I am currently house-hacking and learning how to manage 3 tentants. 

New thing/partnership in question: A friend and his buddy approached me about getting into investing, the conversation over the past few months turned into them wanting to partner. We had our first offical meeting to see what our goals were, what we had to invest, how we wanted to invest. 
Turns out that we all feel comfortable putting in 10K (so have 30K to start with)...we want to BRRRR so we will still need private money (which I might act as a private lender to). But anyways.. we would be invested "equally" BUT I feel as though I have more of the knowlegdge (they had no idea about any of the methods to invest) and I have read all the BP books/have the most experience landlording... I don't think they value the educational side of it becuase of their comments of "how we can figure it how"/"that part isn't hard."

Meeting left with good action steps..one of them being thinking about how to sturcture this.  Any thoughts? 

Hope I can make it after work!! Great topic

I am in the process of buying a 4plex. I was wondering what the process is to get an estoppel certificate signed. From what I understand:

1. Get estoppel certificate form, copies of lease agreement, 3 months of rental payments

2. Have landlord fill out information 

3. Have tenant review 

4. Have tenant sign in front of notary.

Is this how it is done? How do you all do this?

*ive received copies of the leases..1 of them was not signed by the tenant (who happens to be an elderly lady that has been living there for 24 years..any advice on how to navigate this?
 

Hey BP Family! Things are moving quickly for me in the sale of my house and purchase of a 4 plex. My inspection of the 4 plex is on Monday, and if all goes well..we will be trying to close within a few weeks (so I can close on selling my house/buying 4plex in same day). 

I want to make sure I’m getting all the info I need to make a good decision. Currently 3/4 untis are rented. I’ll be living in the 4th.  Outside of leases, disclosures, and past utility bills—what else should I ask for/investigate? 

Thanks!

Thank you @Dylan Petersen and @Russell Brazil! Signing the counter as is, helpful to know why I would do one over the other. I could use that 3 K in my pocket now for sure. 

I put an offer on a 4plex: 185K Sellers pay up to 3K for closing costs.

They countered at 193K and will pay up to 3K towards closing. 

I’m stoked! I was about to accept but my brother in law thinks I should counter at 190K and not to ask for any closing costs because it makes more sense.. but he couldn’t explain why. 

What would you all do and why? 

Thanks!