All Forum Posts by: Shiela R.

Interesting @Bruce Woodruff.  I agree with your 3 reasons and would like to add:

4) A landlord improves the communities they invest in. From home values to safety.  I've received multiple thank you notes from neighbors who live next to my properties.

Excellent work @James Dainard!  I have family who live in Sammamish, WA :)

@Jason Lozon they weren't broad business coaches, but rather specialized in REI. Specifically buying on terms or "no money down". Sandwich L/O and wholesaling also known as flipping contracts. Some people will tell you that is impossible but I assure you it is very possible, when properly educated, and how I bought my first 25 or so deals. It's about using leverage and specifically leveraging other people's money (OPM) or other people's credit to acquire properties.

Hi @Nicholas Migliara! Welcome to the party that is REI :) Please don't hesitate to DM me if you have specific questions.

Okay @Michael DeCicco. I see, every partner has put down 25%. However, you are also using your credit. So, at a glance, you have more at stake than the rest of them. I should start by saying I do not partner easily. I am mostly against shared ownership on SFH. You should def consult an attorney and a CPA who is a tax strategist. BUT, off the cuff, I would structure it as a land trust where the property is the name of the trust (123 Main St Trust) and all partners are beneficiaries - but you are the trustee. The trustee has the control. Then, have a co-beneficiary agreement that is tied to the land trust that looks more like a JV agreement defining each partners roles, responsibilities, income/equity split, etc.

I hope that is helpful!  There are many ways to structure partnerships, in my experience.

Okay, so you put in the other 50% on down payment and operational costs + the loan is in your name, yes @Michael DeCicco? Who is "running" the STR? A pro management and turnover company, one of the partners?

@Michael DeCicco hello :)  What do these other partners bring to the table, since you have leveraged your own credit?  In other words, how or why are they good partners?  This will help me understand and suggest a fair partnership agreement...

@Cody Smith, do you have a contact who is an environmental remediation specialist (asbestos, mold) that can walk the property with you?  That would be my preferred way. They will know what is what on testing to determine toxicity, time and costs + they'll have the necessary documents required by your state's department of public health to show proof of remediation. As an agent, you'll want this for your records. If you can't get the environmental specialist, what about a GC to walk the property?  Unfortunately, there is no way to know until you open that up and find the source of the problem.

@Jason Lozon, agreed! You can't afford to learn REI by the seat of your pants. I was mentored and went through a coaching program more than 20 years ago. Those guys were wonderful but are long retired. The best way to network and hopefully find a local coach is find and attend the REIA in Detroit. Can't wait to see what you can do with the contractor skills!

@Brian Jasinski congrats on the purchase!  Definitely get them out.  Every city has its own landlord tenant laws.  Most convert to month to month terms if there is no current lease. But this is something you should know/should have researched before putting in an offer :) 

Find an attorney/firm who specializes in evictions.  They'll be way more efficient and accurate, saving you time and energy to get that place painted and rented at market rent!