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murphy203murphy203 subscriber Posts: 1
edited August 2007 in Startup Funding
Hello to All.I am in the process of buying out my partner. With this said There is a mortgage besides.Startup... Not really, 13years of renting 2 intown weekly rentals in downtown Edgartown on the beautiful Island of Martha`s Vineyard. So, going to a bank would be fine, but striking a deal now while the fire is hot is great. Also for the tight nit community, for which an Island is, well, requires not being  detected, staying under the radar so to speak.2007 rental income totals are to be 73k (63 to date).Possible subdivide or new construction options. Increase rental income. Sewer hookup now available. total possible bedrooms8, legal 3 now, legality of this further explained. 370 mort, buyout 100 now 100 later, Appraised value 1.246. Any Contacts?
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    robertjrobertj subscriber Posts: 0 Member
    Murphy203,
    I`m not completely clear on what kind of contacts you are seeking.
    Are you looking for another partner? Or a lender that will support a "leveraged" buyout of your current partners interest? 
     
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    murphy203murphy203 subscriber Posts: 1
    Hi, I appreciate your taking the time for me.I`m looking either for angel funds, a partner, silent or other, but someone intersted in developing high end rental vacation/tourism if so.I would like to buyout, as I do all aspects of property development/management, for, and I designed them, built them (contracted/hands on). From rental ad`s, via- web, money manage, decorate, clean, weed, you name it, I do it. I was offered 250k for my partners 1/2 share. I`m trying to educate/explore options.Do you have any suggestions.What is leveraged buyout? Can you offer some reading, articles, books... CONTACTS!!! I`m licenses in real estate sales, but only familiar with conventional morgages, and I went to arch school and built. I was about to build another rental on the property, when I was made the offer.I prefer to take This option, at this time, as timing IS EVERYTHING!!!
    Thank you in advance, RobertJ.
    Murph.
     
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