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Recent content by SoBayJim

  1. SoBayJim

    LLC vs LLP

    Alan, The first paragraph is the definition of an LLP, (I'm assuming it was simply a typo, because you seem to understand the nuances). As for liability, your friend is CORRECT. In Limited Liability Partnership, the General Partner (GP) is liable. The Limited Partners (LP) aren't. There...
  2. SoBayJim

    Your definition of millionaire

    HOT! 
    That's it on the nose. When considering wealth as a method of qualification for purchasing certain investments, refer to the SEC's Rule 501, Regulation D which states that an "Accredited Investor" is defined as (among other things) "a natural person who has individual net worth, or joint net...
  3. SoBayJim

    What would a Bank win from a Reverse Mortgage?

    REAL ESTATE 
    The banks don't plan on taking the property, just getting paid when it gets sold. My grandparents used a reverse mortgage to cover living expenses in their final years. Reverse mortgages are GREAT when used correctly.
  4. SoBayJim

    Personal Financial Ratios

    That makes sense. Thanks for the clarification.
  5. SoBayJim

    Personal Financial Ratios

    REI, Well thought out and documented spreadsheet. A couple of questions. Why the emphasis on including personal property in the net worth calculation? I can see vehicles, but most other personal property is difficult to put a value on and typically depreciates rapidly. Next, does your net...
  6. SoBayJim

    Tear my idea a new one: Twist on Coin-Laundry

    IDEA 
    Why not lease the equipment? This would reduce your start up costs. There are plenty of smaller leasing companies that should be willing to work on a deal like this. I would be very leery of using residential units in a heavy use environment like that.
  7. SoBayJim

    Expenses as a percentage of Gross Rents

    REAL ESTATE 
    I know what my experience has been, but I'm curious and looking to improve my model. What do the experienced investors use as a benchmark for estimating expenses as a percentage of gross rents (not including the mortgage payment)? Please provide some insights to your numbers: SFH, Duplex...
  8. SoBayJim

    Business Partners ... Who needs them?

    I'm all for partners when they compliment each other. I'm current engaged with three business partners in a new venture. We each bring unique talents, backgrounds and perspective to the table. I focus on the finance and business structure issues, we have a person devoted to development of new...
  9. SoBayJim

    Do Millionaires Insure?

    The first reason people usually buy life insurance is to cover dependents. If you expect that your parents or anyone else is or will be dependent on you, it makes sense. The second reason is often when someone with significant wealth is concerned for the tax burden their estate will put on the...
  10. SoBayJim

    Assessments questions

    REAL ESTATE 
    I agree with Kurt, the assessed value is nearly useless in an evaluation of income property.
  11. SoBayJim

    Hello

    I've owned a couple of SFHs and currently have interest in 3 multi family complexes and one industrial building. I've done quite a bit of research and actual work writing business plans and setting up Limited Liability Companies. I've worked in startups that grew into big corporations ($14B/yr...
  12. SoBayJim

    Hello

    Hello everyone, SoBay Jim here. I've been off the boards for a while, busy getting stuff done. Then came back to the RD boards and was amazed that the volume had dropped to almost nothing. Scanned a few messages and found a reference to people jumping to this board. Spent some time...
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