in this situation, i think i would - if i am gonna have 8 trustees, which is what i would do - giving each parent an equal say
i know homes can be bought for considerably less. but i am not sure there are many areas in which 150 is gonna buy the type of property that i am talking about
first of all, the type of property that i am talking about does not have a lot of active management. but i also was not thinking that any of them would be the property manager. that is still something i think they want to hire. but what i have done very effectively is bargain. i simply tell them that the property that i have requires nowhere near the work that other properties require. and i simply am not gonna pay them a percent of rent, which is what most managers in my neck of the woods typically charge.
i have never failed to get anybody, and now i have someone i really like, so he is my only mgr. this is why i like these kinds of properties. they have way less problems. and managers are pretty darn interested in having them in their portfolio - LOL. this is something that i have a lot of experience in.
another thing to think about is that the typical parent is not a good investor. giving them 150, and hoping they invest it correctly is not all that good of a decision, in most situations.
so i am presenting the trustees with a nice asset, managed already by a good guy. the parents have very little to do, except be involved in the major decisions. not when to replace the water heater, etc. all that stuff is handled by a property mgr.
i think it is a really good option, which is why i am suggesting it.
thanks tm for the back and forth
i know homes can be bought for considerably less. but i am not sure there are many areas in which 150 is gonna buy the type of property that i am talking about
first of all, the type of property that i am talking about does not have a lot of active management. but i also was not thinking that any of them would be the property manager. that is still something i think they want to hire. but what i have done very effectively is bargain. i simply tell them that the property that i have requires nowhere near the work that other properties require. and i simply am not gonna pay them a percent of rent, which is what most managers in my neck of the woods typically charge.
i have never failed to get anybody, and now i have someone i really like, so he is my only mgr. this is why i like these kinds of properties. they have way less problems. and managers are pretty darn interested in having them in their portfolio - LOL. this is something that i have a lot of experience in.
another thing to think about is that the typical parent is not a good investor. giving them 150, and hoping they invest it correctly is not all that good of a decision, in most situations.
so i am presenting the trustees with a nice asset, managed already by a good guy. the parents have very little to do, except be involved in the major decisions. not when to replace the water heater, etc. all that stuff is handled by a property mgr.
i think it is a really good option, which is why i am suggesting it.
thanks tm for the back and forth