Clarifying: Did you ever get financing for the LLC's purchase of the property, or did the LLC shareholders use cash to buy the title from the original purchasers?
Hi, would you be open to sharing the documents recording the more interesting parts of the arrangements, such as how rent works or how shares are allocated for a major home repair? My household (5 adults) bought a house and worked out something like this, but I'm very curious how someone else has done it.
For example, we have a 3 point system for repairs, you get 1/3 funding from the house (usually as equity) for an investment that increases the resale value of the house, 1/3 of funding if you're improving a common space, and 1/3 for being necessary/essential. For example, repainting your room is none of these, re-roofing the house is all of these, and other repairs lie somewhere in between, and any gap between house funding has to be filled by someone who really wants the home improvement done, with their own private money.
Thank you for being so transparent about your process! My friends and I are trying to replicate what you've done and we were curious if you would be open to sharing your lawyer and tax accountant/advisor and also if you'd recommend them?
This is great! Interested in the details, but don't quite have the patience to wade through 34 pages of legalese. Would also be interested to see a human readable summary sometime!
Thank you for sharing! Did you have any issues with multiple occupancy regulations / planning permission for coliving, or anything like that?
Great question! Would be great to see an article about this subject. It's often the hardest part of making this dream a reality.
Clarifying: Did you ever get financing for the LLC's purchase of the property, or did the LLC shareholders use cash to buy the title from the original purchasers?
Hi, would you be open to sharing the documents recording the more interesting parts of the arrangements, such as how rent works or how shares are allocated for a major home repair? My household (5 adults) bought a house and worked out something like this, but I'm very curious how someone else has done it.
For example, we have a 3 point system for repairs, you get 1/3 funding from the house (usually as equity) for an investment that increases the resale value of the house, 1/3 of funding if you're improving a common space, and 1/3 for being necessary/essential. For example, repainting your room is none of these, re-roofing the house is all of these, and other repairs lie somewhere in between, and any gap between house funding has to be filled by someone who really wants the home improvement done, with their own private money.
Hello,
Thank you for being so transparent about your process! My friends and I are trying to replicate what you've done and we were curious if you would be open to sharing your lawyer and tax accountant/advisor and also if you'd recommend them?
With Much Gratitude,
Dee
This is great! Interested in the details, but don't quite have the patience to wade through 34 pages of legalese. Would also be interested to see a human readable summary sometime!