william schmaltz
WKR
The only ship that won’t sail is a partnership.
Six shareholders is a LOT. We had a big contract wrote up with another couple to buy a place. Had in there how it would be sold if needed, when someone could be forced out without dispute, how the buyout price would be calculated if someone was forced out or died, maintenance share, damages, rotating prime dates, shared dates, etc. In the end we all agreed that protecting all parties was getting massively complicated and it really put the risk in perspective for both our friendship and finances. We decided not to put our friendship in jeopardy and passed on the deal. It was a great place, but no regrets. I’ll just wait an extra 5 years to buy my own and invite whoever I want over whenever I want.
Edit to add after reading further down: you have one shareholder that owns half this thing. So each minor holder owns about 1/10th of this place. Does that mean they’re only allowed use 1/10th of the time? Is maintenance split by share percentage or evenly between shareholders? Just take the money and rent an air BNB where you want to go a few times a year.
Six shareholders is a LOT. We had a big contract wrote up with another couple to buy a place. Had in there how it would be sold if needed, when someone could be forced out without dispute, how the buyout price would be calculated if someone was forced out or died, maintenance share, damages, rotating prime dates, shared dates, etc. In the end we all agreed that protecting all parties was getting massively complicated and it really put the risk in perspective for both our friendship and finances. We decided not to put our friendship in jeopardy and passed on the deal. It was a great place, but no regrets. I’ll just wait an extra 5 years to buy my own and invite whoever I want over whenever I want.
Edit to add after reading further down: you have one shareholder that owns half this thing. So each minor holder owns about 1/10th of this place. Does that mean they’re only allowed use 1/10th of the time? Is maintenance split by share percentage or evenly between shareholders? Just take the money and rent an air BNB where you want to go a few times a year.
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