Financial Advice Needed

[MidgetTodd]

god damn pb rule

[MidgetTodd]

Ok, except for MT's advice.

In fact, everything MT says should probably be heeded as 'life gospel'. In MT we trust.

I'm not knocking your approach -- "ask others' with experience" is a great tactic and will get you far, so you're mature enough to realize what you don't know and humble enough to ask for advice. Good.

The point is, and I know I'm being presumptuous here, how many people on an Ohio Motorcycle site do you think you'll get good advice from? You'll get advice... but the caliber and quality is all over the board, just realize that if you take others' advice from here (that aren't MT) and you crash and burn. It's really about how well you vet the advice right? And if you're vetting peoples' advice anyway, you'll already be doing research on other sites way more applicable to your financial conundrum than here. The best you'll be able to get here is someone elses' experiences that may or may not apply to you.

If your excuse for why something ever failed is "Well, these guys on the internet motorcycle site I frequent said it was a good idea" -- then you have some introspection to be doing...preferably while nose deep in blow off a hookers' ass.

Quoted simply because its full of win.

[abdecal]

Ok, except for MT's advice.

In fact, everything MT says should probably be heeded as 'life gospel'. In MT we trust.

I'm not knocking your approach -- "ask others' with experience" is a great tactic and will get you far, so you're mature enough to realize what you don't know and humble enough to ask for advice. Good.

The point is, and I know I'm being presumptuous here, how many people on an Ohio Motorcycle site do you think you'll get good advice from? You'll get advice... but the caliber and quality is all over the board, just realize that if you take others' advice from here (that aren't MT) and you crash and burn. It's really about how well you vet the advice right? And if you're vetting peoples' advice anyway, you'll already be doing research on other sites way more applicable to your financial conundrum than here. The best you'll be able to get here is someone elses' experiences that may or may not apply to you.

If your excuse for why something ever failed is "Well, these guys on the internet motorcycle site I frequent said it was a good idea" -- then you have some introspection to be doing...preferably while nose deep in blow off a hookers' ass.

In the end the decision is mine. I ask for advice to consider things I may not have thought of to consider. And yes, I have talked with others lol

[jbot]

my advice: yolobro

also, getting advice from jrmmiii on risky and exciting business ventures is like getting advice from magley on how to be libertarian or isaac's papa on not being a total dick.

round one: begin!

[madcat6183]

Also, getting involved in a business venture with friends WILL end in fail, and by fail I mean you all will hate each other, everyone will owe each other money, and it will be game over. As stated above, the multi millionaire parents didn't get rich loaning some young bucks money, most likely they invested, sat around while the market crashed and people freaked pulling their money out, bought more and invested more, and now are rich.

Im not telling you to go for your dreams, but you better all have a contract in place, and signed with lawyers present, and anyone putting a single cent, or ounce of time in the process.

As for the house, we are in the same boat, bought a hosue in 06 to flip, market crashed, stuck. We refuse to rent because of every neighbor that has rented has had to spend massive amounts of $$ to repair things, the last renters accross the street had roaches, bed bugs, fleas, and all kinds of water damage from being worthelss in the basement. They never told the owner about it and they had to spend over a month working 8 hrs a day to fix it. No thanks. They have renters now, but they are lesbos(which I like), but total white trash, always having like 8 cars parked in front of my house, even in front of my mailbox... Turns out I work with one, so I cannot address the issue due to possible ramifications at work. Will have to get the wife to do so, and she is very non confrontational.

Back to your house/plans, if you can get a management company to help out, then sure, but you pay them for their services, if you can get some renters that don't suck awesome, but good luck being that fortunate all the time. I'd def. try to sell it. We plan to build, move out, rehab the house better than new, and sell it. As stated after the election there will be changes, for better or for worse, but that's a chance we will take.

[abdecal]

We already have an LLC based out of Nevada (no state taxes), a partnership agreement, and a lawyer.

[madcat6183]

Then sounds like you're started on the right path. Good luck, I think you'll be fine, and actually financial advice from a bunch of motorcycle riders/car/gun buffs.... Hmmm lol

[jblosser]

Turn the house into an in call escort service...The house cut would be slit 50/50...

intentional?

foiled by the pb rule...

[ohdaho]

Just consider youre sample as compared to the general population when you ask the board for advice on anything. For example, gun and motorcycle advice I would expect to be dead on....financial advice you saw varies across the spectrum.

Working with smart friends can be a good thing. drawing the line and defining the boundaries and courses of action up front will only help foster a great business idea. Think big and good luck with it...My friend and I spend many times sitting around thinking about such things and how to execute after or even during our military careers.

Unfortunately, unless you have a large bank roll or cap venturist backing you..you cant make the housing decision seperate of the business decision. I assume you need the capital. It's going to come down to a cost benefit analysis. Sell the house now and potentially grow your biz or risk the company growth just to make 10% later down the road. Depending on the complexities of your biz, you're not going to want to deal with the hassles of a rented house...100% focus on the new venture.

Btw, you've got a PM coming your way.

[redkow97]

We already have an LLC based out of Nevada (no state taxes), a partnership agreement, and a lawyer.

Is it a partnership or an LLC? There are huge liability distinctions between the two.

Is the lawyer retained by YOU, or retained by the LLC (or partnership, whichever it is)?

If the LLC is retaining the attorney, do not make the mistake of assuming that the attorney is working in YOUR best interest. The LLC is his client; not the people who run it.

[jporter12]

Is it a partnership or an LLC? There are huge liability distinctions between the two.

Is the lawyer retained by YOU, or retained by the LLC (or partnership, whichever it is)?

If the LLC is retaining the attorney, do not make the mistake of assuming that the attorney is working in YOUR best interest. The LLC is his client; not the people who run it.

Posts like this one are why it's not such a bad thing to get ideas from the readership of ORDN. Well, MidgetTodd's solid ideas trump all, but that's beside the point.

I actually have learned some stuff by reading threads like this, things that I wouldn't have thought of in situations that people have brought up. I don't recommend using this as a way to get a final decision, but as a way to get ideas that you may not have thought about.

As for what to do with the house? I would try to get a little more than payoff and pay off the bike, and at least put a dent in the amount owed on the car.

[redkow97]

The OP's in a good situation overall regardless. He seems to have a solid grasp on "debt bad, equity good."

There are much worse situations than selling a home for what you owe when you've only been there a few years.

Starting over sucks, but starting over with only a car payment (presumably $10k or less in debt) sucks a lot less.

For my part, I am probably trying to look at the bigger picture rather than answer the question he asked. Essentially he's only asking "should I sell my house, or keep it and rent it?" Renting mortgaged property is always a gamble. I vote sell the house.

Put it on the market for what you'd LIKE to get for it for a few months, and then gradually drop it to what you NEED to get. There's no particular hurry here, right?

[Cheech]

The OP's in a good situation overall regardless. He seems to have a solid grasp on "debt bad, equity good."

There are much worse situations than selling a home for what you owe when you've only been there a few years.

Starting over sucks, but starting over with only a car payment (presumably $10k or less in debt) sucks a lot less.

For my part, I am probably trying to look at the bigger picture rather than answer the question he asked. Essentially he's only asking "should I sell my house, or keep it and rent it?" Renting mortgaged property is always a gamble. I vote sell the house.

Put it on the market for what you'd LIKE to get for it for a few months, and then gradually drop it to what you NEED to get. There's no particular hurry here, right?

It sounded like there was some urgency with the GF wanting to leave.

If you're looking for cost certainty, sell the property instead of renting. If you lose, you lose once. Once that band-aid's been ripped off, it stays off. Renting could possibly be a slow burn, with intermittent faster burns if you can't secure decent renters. Lots of uncertainty there, and it's a time sink to boot.

As for the rest of it, you're on your own. I've only started one "venture" in my life and I worked alone when I did it. Much easier and simpler that way. I will say this about the "millionaire, super-mega-excited parents", emotions don't translate into cash money. If they're as excited as you say they are, then they should be willing investors, whether it be through their kid or directly. The level of "excitement" you see should be directly proportional with the amount of money they are ponying up. No money, no "excitement". This is business, not cheerleading tryouts.

[abdecal]

Is it a partnership or an LLC? There are huge liability distinctions between the two.

Is the lawyer retained by YOU, or retained by the LLC (or partnership, whichever it is)?

If the LLC is retaining the attorney, do not make the mistake of assuming that the attorney is working in YOUR best interest. The LLC is his client; not the people who run it.

I'll take a look at the contract again. Those are all good questions.

It sounded like there was some urgency with the GF wanting to leave.

If you're looking for cost certainty, sell the property instead of renting. If you lose, you lose once. Once that band-aid's been ripped off, it stays off. Renting could possibly be a slow burn, with intermittent faster burns if you can't secure decent renters. Lots of uncertainty there, and it's a time sink to boot.

As for the rest of it, you're on your own. I've only started one "venture" in my life and I worked alone when I did it. Much easier and simpler that way. I will say this about the "millionaire, super-mega-excited parents", emotions don't translate into cash money. If they're as excited as you say they are, then they should be willing investors, whether it be through their kid or directly. The level of "excitement" you see should be directly proportional with the amount of money they are ponying up. No money, no "excitement". This is business, not cheerleading tryouts.

There is the sense of urgency that I don't want to wait 5 years to do it but I would be happy if I sold the house within a year.

The reason we're doing the partnership is because we all bring something needed and very different to the table.

As for the parents it's a good point. We are not dependent on their investment but it is something that would help. We plan to do it on our own but the investment would be nice.

[abdecal]

So here's what ended up happening last weekend.

I visited a realtor on Friday. They were confident the house would sell and I could make quite a bit of money so I went ahead with agreeing to put it on the market.

Talked to my gf which I had talked to her about this before but I never ended up actually doing it. Well when she found out I actually was going to sell it she flipped out.

Talked to my parents, they flipped out. Told me I need to talk to the gf before I make that kind of decision...

So I call her back, her plan since we started dating had been to move to Nashville when she finished college (which will be the end of this week). Well... long story short... she is now moving in after Christmas this year and I'm not selling. So looks like I will remain in Ohio.

As for the business idea... Which is the whole reason this started anyways... I will not be able to dive into it like I had planned. And I said I would not make a decision based off a relationship. Well... I'm failing.

She was very excited about moving in, maybe a little to excited. Already asked me to clean out half the garage so she can put her car in there. And she cleaned out my closet to make room for her clothes. She also has a whole new design plan for the house. I mean.. I've got 2 months yet. We've been dating for 4.

Okay guys... Tear me apart

[Disclaimer]

You get the :trophy: for putting the pussy on a pedestal.

Hopefully you at least get sammiches and BJs, with higher frequency now.

[abdecal]

She comes from a traditional family. She likes the women do the cooking and cleaning role. So that can be a plus lol.

[jbot]

you're being serious?

[abdecal]

you're being serious?

Yes

[jbot]

why are you making fairly gigantic financial decisions based on a 4 month old relationship? tell me i'm reading this wrong.

is there something going wrong with the business venture that's giving you second thoughts?

[abdecal]

why are you making fairly gigantic financial decisions based on a 4 month old relationship? tell me i'm reading this wrong.

is there something going wrong with the business venture that's giving you second thoughts?

You're reading it right.

And nothing wrong with the venture. Still the same opportunities. Just looks like I will be starting it much slower than intended.

She did put on hold her life goal of going to Nashville in exchange for giving the relationship a chance. So I guess I'll put my goal on hold as well.

[Cheech]

You're reading it right.

And nothing wrong with the venture. Still the same opportunities. Just looks like I will be starting it much slower than intended.

She did put on hold her life goal of going to Nashville in exchange for giving the relationship a chance. So I guess I'll put my goal on hold as well.

now I'm thoroughly confused. Her personal goal was to go to Nashville. You were going to facilitate this by selling your house and physically moving to Nashville, and in doing so realizing her goal AND your goal in starting this music-related business venture. After telling her that all this is possible, now all she wants to do is live in your house and start renovating?

You sound like a cool dude, it's time to start evaluating your (singular) life direction, and make sure that direction is truly where you (singular) want to be going. I've never met either of you, so I have no idea what intangibles she brings to the table, but I gotta be honest, my crazy radar's going off a little bit here.

[jbot]

is something going to happen to the relationship if the both of you go to nashville? her for her thing and you for yours?

or do you mean you both want to give the "domesticated life" a shot before you both cave in to mutual hatred in a few months out of resentment at having to give up great opportunities and disgust at each other's living habits?

ok, that last part was all joking, but i guess i'm curious. also, you told us to give you shit for it, and nobody was really obliging. i dont count jrmmiii's rated g pansy panderings.

[jbot]

fucking cheech, slipping in and beating me to the punch!