Seven months of silence from a land fund whose LPA says 45 days

Send it in writing either way, and keep a dated log of every attempt including the returned call. Even if you never need it, you stop arguing later about whether you asked. Two unanswered emails and one vague call is not a paper trail yet.

This is why I ask for two years of actual past investor reports before I commit, not the sample deck. If a sponsor won't hand over redacted historical updates, that tells me how the reporting will go once they have my money. arbor, one thing you can do now with no relationship cost: pull the county file yourself on all three parcels, hearing continuances, staff reports, any withdrawn application. If the public record and his "waiting on the county" line up, you're probably dealing with a bad writer. If the largest application was withdrawn and he didn't tell 41 people, that's a different letter.

Land funds do have quarters where the only true sentence is nothing happened. I've written that sentence about my own parcels. But silence isn't the same as reporting nothing happened, and the capital account statement has nothing to do with whether the county moved. That's bookkeeping he either has or doesn't. The missing statement bothers me more than the seven months does.

If the fees got drawn on schedule and the reports didn't, that's the whole answer about priorities.

What is a capital account statement exactly? I've read the term a dozen times and I'm still not sure whether it's a tax thing or an accounting thing.

juniper, it's the fund's running record of your position, what you put in, your share of income or loss, anything distributed back, ending balance. Sponsors produce it from the fund books, and how it interacts with your tax reporting is a CPA question. arbor, my experience is that operators go dark when there's news they don't want to write down. Seven months plus two ignored emails plus a vague call, I'd assume there's a problem and I'd want to know its size before I worry about being invited to deal two.

I'm building a pre-commitment questionnaire out of this thread. Sample reports from a live fund, name of who writes them, what happens the quarter nothing happens, and whether capital account statements go out annually without being asked. canton, do you get pushback asking for the historical reports?

The joint letter changes what it is. One LP asking for documents he's owed is administrative. Five signatures is an investor group, and some sponsors respond by lawyering up and going more silent rather than less. If it were me I'd send mine alone first, dated, with a specific reply-by, and tell the other four I've sent it. Then the group version exists as the next step instead of the opening one.

Or just call him and keep calling until he picks up. Seven months of nothing gets solved in a ten minute phone call about 80 percent of the time, and you learn more from how he sounds than from anything he writes. Letters are for after that fails, arbor. Also, if he cuts you out of deal two for asking where your money is, he did you a favor.

Look for two separate provisions. There's the reporting covenant, which is what you've been quoting, and there's usually an information rights or books and records clause giving LPs the ability to inspect fund records on reasonable written notice, sometimes at your own cost, sometimes limited to a proper purpose. Underneath the agreement, statutory inspection rights for LLC members or limited partners vary by the state the entity was formed in, and how they apply to your facts is a question for a lawyer licensed there. Quote the contract clause in your letter and skip the statute. Citing the agreement reads as a member asking for what he's owed. Citing the statute reads as the opening move in a dispute, and you said you'd like to be in the next deal.