Questions & Answers

 

 

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Q.  Let me see if I have this correctly:   You want my money, but I don't get a title to land?

A.  Correct.  This is because your money is buying your ownership in the LLC that owns the land... as well as

the businesses,  furniture, etc.  There are advantages to having real estate in the LLC; the biggest is

EASE OF TRANSFERABILITY because the ownership of the property by the LLC never changes --

just the Basic Owner Members do.  (See Memberships for their description) .  In this way, the pass-through

of the LLC resembles a trust.  But, for that discussion, you should see a lawyer.

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Q.  Where is Berkshire Meadow View LLC incorporated?

A.   The LLC is a Massachusetts corporation, obviously in good standing.  It has a manager-managed charter

 

Q.  What's the meaning of "manager-managed?"

A.  Good question!  Each state has its own LLC laws. However, there are two formats for the operation of an LLC.

They are "manager-managed" and "member-managed" -- the difference being who "runs the show."  In manager-managed,

there are specific individual/s who are responsible for the running of the LLC.  The manager/s need not be a member of the LLC.

In a member-managed LLC, the members are all responsible for the operation of the company.  This can get unwieldy!

Therefore, normal operations and expenditures for large memberships/partnerships are best handled by the managers.

By each individualized LLC charter, members actually have defined opportunities to vote.  The typical example is the continuation

or replacement of the managers.  In short, manager-managed LLCs look and operate like their close cousin, Limited Partnerships

where there is a General Manager who operates the Partnership and Limited Partners who resemble "members."   Both are

referred to as "passive" since they only become involved in the BIG decisions.

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Q.  Is there a limit to the number of Basic Owner Memberships that one can buy?

A.  No. You can buy one... or buy them all.

 

Q.  If I buy more than one ownership, is there a "deal" price."

A.  Actually, "yes" and "no."   This depends on whether one person is buying multiple ownerships or individuals are.

For consistency, the discounts are woven into our Finder's Program.... and that depends upon whether you found us

directly, or were referred to us via a Finder.  Remember the movie " It's Complicated?"  Well, it is not that complicated,

but it is easier to discuss by telephone (413-698-3200) by which the exact nature of your request can be answered

rather than presenting  0pro-form examples.

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Q.  What if I -- or a group -- want to purchase the entire property.  You mean there is no discount?

A.  There already is a discount.  The asking price is $500,000 less than the price at the full subscription of ownerships:  $7 M vs $7.5M.

 

Q. So, that's it?  You will not move from $7M?

A.  Didn't say that. ;-)   Buying the entire property is a negotiable event. 

There are factors to be considered such as repairs, furniture, vehicles etc. 

Any serious offer will be considered.

 

Q.  That brings up a concern.  If I have purchased one unit and am enjoying it, what happens if someone comes along

and wants to buy the entire property.

A.  That's a good question and WE HAVE A BETTER ANSWER.  Should that happen within the first year, and BMV LLC sells,

BMV will return ALL your money.  Further, we will not charge you for any stays.  Moreover, we will not charge back any discounts

from which you have benefits.  IN SHORT, YOU HAVE NOTHING TO LOSE WITH STAYS AND BENEFITS TO GAIN.  

 

Q.  Do existing owners have a first right of refusal to prevent the above?

A.   Yes and No.  Yes because they can exercise the right to buy the entire property at any time; after all, they are already here to first experience

the value and understand the property before the "triggering" buyer of the first-right concept appears.  There is no purpose in waiting.  We will toss out unacceptable bids from any source.  Likewise, we will talk with any serious buyer though we may not particularly like the starting point of the discussion.  THIS IS A GREAT WAY TO TURN A FRACTIONAL OWNER INTO SOLE OWNER.  

 

Q.  Is there any restriction on buying the LLC... And is there any restriction to the deed that it holds for the property?

A.   There is no restriction on buying the LLC, or property outside the LLC.  The property use is only limited by the Town of Richmond zoning.

 

 

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If More Question...

Call:     413-698-3200, or

Email: tiaraequest@gmail.com