All Forum Posts by: Kevin Yeats

Hello Kim and welcome to Bigger Pockets.

My advice is that you cheat on your husband.

OF COURSE I mean this only in regards to your real estate business.

FIRST, please understand that the following is not legal advice.

You could partner with someone who is NOT your husband (hence my cheating comment). 

This new partner could be either gender but I hope you would partner with someone who has money and experience (or at least one of those two).  Your great credit helps a lot but lenders like to see some skin in the game (either your own or a partner's skin).  Lenders also like experience.

You and your new partner will need to meet with an attorney and draw up a partnership agreement and corporate documents (you probably wanted these documents even if you partnered with your husband.  Be sure to discuss exit strategies, buy/sell agreements and all of the "what if" contingencies like "What if a tenant sues the company as landlords?"  "What if a contractor gets hurt while working on our property?" etc etc.  Keep reading the threads on Bigger pockets and you will read lots of these stories.

I also encourage you to read Eric Drenkhahn's blog NoNonsenseLandlord.com (also found on Bigger Pockets).

Is your husband going to have any involvement or responsibility in your real estate business?

What are your goals?

Devin,

How do you intend to use this business plan?

If you want this document for your own use to guide your efforts and compile your goals and measure your progress, two pages is probably a little short (depending on the detail that you include)

If you plan to show this to partners ... funding partners in particular, two pages is too long.

A funder wants to read a concise statement of what you have (the property), what your goal is, what you bring to the deal (both money and skills/effort) and most importantly, what profits the funder will make.

If you want to share it with a service provider (property manager, tradesperson etc ... although I'm not sure why someone in those positions would want to read a written plan), two pages is also too long.

Look for Eric Drenckhahn's blog here on bigger pockets.  Every month Eric details what happened the prior month with his rentals, where his cash flow stands and his retirement savings with a count down of his days until he retires from his other job, and what he expects for the coming month.  This allows him to track and others can monitor his progress.  Eric is accountable.  His "business plan" changes every month but the goal is still the same.

Be careful Will.  Divorcing any one of those women is clear evidence of a Baker Act violation.

Interesting

The lawyer claims that filing for divorce from a marriage that never happened (existed) establishes the marriage and thus the claim.

I wonder how many people will file for divorce from Bill Gates/Melinda Gates and Warren Buffett et al?

If the judge recognized no legal marriage and I assume that is between the seller (way back in 2011) and this "nice occupant," why isn't this over?  What possible claim does this occupant have left?

Hey Richard,

How is this deal and your RE business going?

Cecil, what is the seller's financial position?  Does he just want to exit from managing and owning these properties (and ride off into the sunset) or is he financially desperate with creditors at the door and about to lose everything?   

If the later, and if this is a good deal that you want to own, let the seller fail and buy the property from the bank.  Of course you will need to inject some of your own money (down payment) to get a loan.

Otherwise, Bill G gave a good response.

Richard,

If you would like for me to review your business plan, send it to me at the address in the signature line.  You could omit the exact address if that makes you more comfortable in sharing.

No cost and No expectations.

Thanks.

@Richard

Have you asked your investor what he would like to see as documentation behind your plan?  Simply call and confirm your lunch meeting (or schedule it or change the date .... any excuse to call).  Also confirm that he knows you are looking for someone to invest in your project WITH you.  Then add it the question "What documentation would you like to take with you after our meeting?" 

In regards to question #3, you could also ask, "on what key metric will you base your investment decision: ROI, total profit, or some other factor?"

Be prepared with that document AND single page supporting material - your resume, your real estate investment experience, the project financials, comps, etc etc etc ... all organized and kept in a folder UNLESS your investor requests that info.  If requested, pull out that one page ... perhaps the project financials or comps ... and hand it to him.

If you want to be "gutsy" you could start the meeting by stating "Thank you for taking time from your schedule to meet with me to discuss this ____________ (real estate deal).  Is there anything that will keep you from making a decision on investing in this project today?"  or "Are you prepared to make a decision on this today?"

Others here have given good advice to you.

Goo luck

I found this article recently

http://www.mainstreet.com/article/real-estate/wher...