Marquette Properties

Summer Calendar

I have set up a google calendar:
https://calendar.google.com/calendar/b/1/render?pli=1#main_7%7Cmonth-3+23741+23778+23745

moc.liamg|61draagdim#moc.liamg|61draagdim
Password: vacati0n
Note the “o” is a “zero”

Shared Documents

Meetings

Agenda and notes: https://docs.google.com/document/d/10_eBd9X1_hBe7teHFM5VeyhHnTHAg2-qM6MUc6z0AnI/edit
Next proposed meeting: December 11, 2016

Jim and Geri work December 2016

  • Estimated we need to pay out $10,000 to $11,000 to get the house rentable (hopefully by Feb 1). Jim has about $3,000 in account; we need $7-8,000 more. Options:
    • Assessment on owners and pay out of our pockets (Judy, Mary, Jim, KareyAnne?) $2,000 each?
    • Or business line of credit ($750 in closing costs and 5 to 7% interest)
    • One of us opens up a credit card with a limit of $8,000. If we could find a deal for low or no interest. Jim is willing to consider doing this
  • Four trailers of trash hauled away
  • Geri cleaned stove and refridgerator
  • Jim swept every part of the house
  • Jim added missing light bulbs
  • Tested boiler: it can easily keep house warm at 70 degrees
  • Paid off utility bills and fine for having car on property without a license (Proex will pursue reimbursement from tenants we evicted)
  • Electric company replaced a touchpad (for what, Mary asks)
  • Painter painted first floor (see photos https://drive.google.com/drive/folders/0B7XtUKT4W9w8V0UwUFN0SU1aTHM?usp=sharing)
  • Met with contractor to get bids on replacing/restoring kitchen floor and replacing bathroom (Jim and Geri picked out a tub, toilet and a vanity/or pedestal with fixtures
  • Plumber fixed kitchen faucet
  • Plumber said hot water heater was leaking and would need replacement (Dec checked; not leaking because no one there?)
  • Main waste pipe from bathroom was leaking (Dec checked; not leaking because no one there?)
  • Electrician recommends replacing 60 amp box with 200 amp box with direct lines to each of the heavily used electrical appliances (most already have)
  • Other electrical tasks need doing such as non working switch (and Mary asks, do we need to do anything with the knob and tube in the basement?)
  • All the mini blinds in the house need to be replaced (Jim and Geri bought 13 blinds for $90)
  • Cleaning the house: $600
  • Painting the house downstairs only $2,500
  • Upgrade to 200AMP box $1,650

Renting 1308 Status 11/19/16 from Jim

  • Fix leaking pipe in basement
  • Fix bathroom: mold, tiles falling off
  • No gas coming to house (do we know why?)
  • Paint downstairs
  • Fix floor in kitchen
  • Still no quote for chimney

Reporting taxes

From Jim: Tax wise, I have no idea how Karol dealt with her half of income and tax on 1308. For a few years, my brother Don and I used a partnership as the vehicle for our half of the income and subsequent tax. We abandoned that approach years ago, and since then the income and expense have gone unreported. In most years when it was a partnership, we reported a loss.

History

Priority work on the properties

  1. Repair 1308 chimney. Still waiting for a bid (10/30/16)
  2. Save money to pay for Midgaard log repair. Waiting for a bid (10/30/16). Contractor can't work on Midgaard for two years (he's so busy). So this work would be Summer 2019.
  3. 1308 bathroom repairs: tile is moldy and broken on the edge of the tub; sink is leaking, etc.
  4. Clean the sewer lines on 1308.

Decisions

Completed or in progress

Midgaard

  • 2017 MIPCA Annual Meeting in Marquette is July 31. Judy and/or KareyAnne have committed to attend. Jim will not attend 2017 Annual Meeting (off to Australia!) - Annual Picnic July 29, 2017.
  • Current working agreement on staying at Midgaard: Lautner-Peterson manages July; Morris manages August.
  • Family members donate $20 a night for staying at Midgaard (A family member is anyone who is a direct descendant of John Lautner or Cathleen Morris). Give money to Jim or Jess.
  • Family friends donate $30 a night for staying at Midgaard
  • Judy and KareyAnne are the shareholders for the Lautner-Peterson side
  • Judy and KareyAnne need to send personal details to MIPCA: to be listed on the social register this year, please send your name, email and phone # to moc.liamg|eokhcubjb#moc.liamg|eokhcubjb. Let them know this info pertains to camp #44. They’ll need to info by May 15.
  • Jim needs to send a letter to MIPCA getting Judy and KareyAnne's names to replace Karol and John (see KareyAnne Action Item; we decided to get everyone to sign the letter).
  • Sometime in September: Mary and Steve are going to do a facetime walkthrough of Midgaard documenting all problems. Jim and Steve found and met an expert guy who repairs logs. He's booked for two years out. He will be sending us a bid.

1308 Presque Isle "Keepsake"
Photos: pix.sfly.com/-c6_M3OU

  • We are using a property manager to manager 1308 Presque. John DeMay at ProEx Realty (1229 W Washington St Suite 2, Marquette, MI 49855 Phone:(800) 425-9340). He takes 10% of the rent. Rent will be set to $1,400 a month in 2016. New leases were signed May 1, 2016.
    • Utilities are in the name of the rentors; they pay the utilities
    • House was designed by Joy Wheeler Dow (Marquette History August 2013)
    • Downstairs floors need to be sanded

Pending

General

  • Agree on a way to make decisions. Jim has proposed a majority vote from Mary, Judy, KareyAnne (representing Steve), Jim, and Brett. Jim and Brett 50% weight, Mary, Judy, KareyAnne 50% weight. Larger decisions (such as selling 1308) should require a different vote.

1308 Presque Isle

  • 1308 fixes needed:
    • Dishwasher not working
    • Leaking sink in bathroom
    • Electrical needs to be upgraded (Jim 10/30/16)
    • Sewer lines need to be cleared (Steve 10/30/16). Karol had the sewer lines routed to cut out roots nearly every year. Steve just remembered we have to plan for this. It's also one of the reasons why a washer/drier won't work in the basement (lines cannot handle the flow).
    • Crumbling chimney (property manager currently getting bids; Steve estimated $5,000)
  • John DeMay at ProEX Realty suggests getting a line of credit of about 15 - 20 thousand which we could pay off with rent revenues. But then we would have money for house fixes. I believe that means Judy, Jim, and I explore a line of credit, and as co owners, we would have to sign for it.
  • What happened with heating this winter? Did the rentors complain about too little heat?
  • Jim needs to send out financial status (yes, we got some, but at some point I think we ought to get a full spreadsheet of income and expenses from time to time (quarterly?)
  • Owner's responsibility for paying taxes. Jim to talk to brother.
  • Judy expressed interest in selling house to a benefactor of the John Lautner legacy. Let's be sure to get an update when we schedule an annual meeting? Do we agree we want an annual meeting?
    • Northern University has declined some time ago (per Jim)
  • Steve has requested we add KareyAnne to the 1308 deed.
  • Jim said he would ask insurance person to send us copy of the house insurance. (July 2016)

Midgaard

  • Write a letter to MIPCA stating that we want KareyAnne and Judy to be our shareholders. Have all descendants sign: Mary, Judy, Steve, Bryce (or Tina). KareyAnne action item
  • Annual Lautner-Peterson/Morris Stakeholder meeting defined. Agenda defined. Someone needs to run the meeting and collect agenda items.
  • Once Judy/KareyAnn and Jim have locked in their dates at Midgaard, send out an announcement to other interested people and specify times available. List the scheduling contacts: Jim and Judy or KareyAnne.
  • Jim is the go to contact for Morris times at Midgaard. KareyAnne or Judy: which one of you wants to be the contact person for the Lautner-Peterson side?
  • Jim should write a letter stating that we want our shares (John and Karol) to go to KareyAnne and Judy.
  • Judy completing a document that spells out a succession plan for Lautner-Peterson owners. Once we have that complete, we might want to turn it into a legal document. And we might want to send a copy to MIPCA. Summary of Plan: KareyAnne and Judy, as shareholders, represent members of the John Lautner family. They do not "own" Midgaard as they might with a deed, but they have responsibilities as shareholders.

Documents

https://onedrive.live.com/?authkey=%21Amv%2Dwlc8SIeFIQc&id=FD615F3B18A4801A%21106&cid=FD615F3B18A4801A

Archive: http://bryantstreetcafe.wikidot.com/marquette-archive

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