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Business Plan |
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Wow! Another year has passed. Seems as we get older the years slip by faster and faster. I read that psychologists believe that this perception is because each year we live becomes a smaller percentage of all the years of our memories. Sounds plausible.
So, have you made your New Year’s resolutions? Maybe you have failed to keep them in the past, so you are not making them now. Big mistake. If you are to be successful, you must do what any successful company does—have a business plan. To be successful on a personal basis requires planning as well. I recently ran across the following statement: “The problem with resolutions is they are only visited once a year.” How true. Many people have spent considerable time deciding on goals and making plans, only to get sidetracked and not revisit them.
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Fractional Interests in 1031 Exchanges |
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Undivided fractional interests in real estate are a hot item which we will be discussing in the Advanced Strategies Conference next week. There are many advantages to using these interests as the replacement property in an exchange, but you must be careful.
A fractional interest in real estate can be attractive to many investors for the following reasons:
Professional management reduces tenant headaches
- Several investors in one property reduces the investment for any one investor
- Leases are typically triple-net
- Fractional interest can be re-sold for another exchange
- Good strategy for an investor who wants to get away from day-to-day operations
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Buy-Sell Issues |
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Anytime two or more unrelated individuals own investments or a business together, they need a buy-sell agreement. Over the years, I have seen many profitable ventures fail because their owners did not anticipate there may come a time when their personal situations might change and how that may affect their co-owner(s). Ideally, in the process of structuring the enterprise, you and your co-owners talk through important issues that could arise. This is always best to do in the beginning before problems come up, and while all of you are still speaking to each other! More than once, I have seen the simple process of discussion of these points bring up differences of opinion that would have sunk the enterprise if they had come up later. You want to know about any differences up front.
The discussions should include what would happen if an owner:
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