Sharing the Burden
One of the good things about being in a TIC is sharing the cost of capital improvements, like a new roof.
One of the bad things about being in a TIC is not having control over if and when house bills are paid.
About 6 months ago our group did a fractional loan refinance. I was assigned the task of working with a lawyer on updating our TIC agreement, a necessary part of any refi. The lawyer performed the service promptly and with good quality. Today I got a call from his office saying that the bill, incurred last June, was still outstanding. Apparently, the person in my group who pays the bills had overlooked this invoice, even though I reminded him about it the first time they called me back at the end of August.
This ticked me off. If you want me to participate in building business by building relationships with valuable service providers don't put me in the position of looking like a deadbeat six months later. I sent my building partner an email saying if he didn't write a check within seven days that I was going to pay the lawyer and deduct the fees from my monthly dues. Why does it have to get to this point?
After seven years of partnership, we still do things somewhat informally in my TIC. My advice to new TIC owners is to have whoever is doing your accounts, whether an internal partner or outside managment service, share a monthly statement with the group of bills received and bills paid.
One of the bad things about being in a TIC is not having control over if and when house bills are paid.
About 6 months ago our group did a fractional loan refinance. I was assigned the task of working with a lawyer on updating our TIC agreement, a necessary part of any refi. The lawyer performed the service promptly and with good quality. Today I got a call from his office saying that the bill, incurred last June, was still outstanding. Apparently, the person in my group who pays the bills had overlooked this invoice, even though I reminded him about it the first time they called me back at the end of August.
This ticked me off. If you want me to participate in building business by building relationships with valuable service providers don't put me in the position of looking like a deadbeat six months later. I sent my building partner an email saying if he didn't write a check within seven days that I was going to pay the lawyer and deduct the fees from my monthly dues. Why does it have to get to this point?
After seven years of partnership, we still do things somewhat informally in my TIC. My advice to new TIC owners is to have whoever is doing your accounts, whether an internal partner or outside managment service, share a monthly statement with the group of bills received and bills paid.
posted by rp at 9:46 PM
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