Would you lend money from TX to New York off BiggerPockets?

Question

Just wanted to post a shout out to @Michael Ablan. He and I connected here on BP late last year, and we're both now richer for it with some valuable new experience to boot.

I was initially skeptical of doing a deal all the way in New York especially with someone I hadn't met in person, but Mike proved to be an absolute pleasure to work with.

We were looking at one deal with the VA as a seller, but like any government enterprise they proved difficult to work with. That one fell through, but Mike had another one ready to go immediately. Mike can fill in the details on that one if he wants!

Really happy with how everything turned out - Mike, hope the same goes for you! And thanks to BiggerPockets for making this possible!

Tim Johnson · Answer

Great question -- seeing that Mike was a licensed RE Agent (with a valid license #) and an active BP contributor were some of the first good signs for me. I saw that many of his clients had posted positive reviews online after working with him, and also saw a recent interview with him shared on his broker's website, which all looked legit to me. The lawyer he was working with was also well-established in the community (i.e. mentioned positively in local news articles) and the email addresses / phone numbers tied to public records.

Nothing fancy here, but these were just some of the steps taken to vet a long-distance business partner in addition to your more typical DD and documentation on the deal and individual. Most importantly -- the stories always lined up with reality. e.g. initial discussions of a potential deal with the VA ended up with a signed contract with the VA. And things weren't always perfect -- things that you'd expect to happen in normal course of business, happened, for instance the initial deal fell through but then another option came up after that.

@Michael Ablan appreciate the great reference! Best of luck to you this year.

Michael Ablan · Answer

Thanks for the kind words @Tim Johnson!

I can't express enough how much I appreciate you taking the time to talk to me and listen to my proposal(s).  I'm also incredibly grateful that you delivered on your promises and didn't leave me high and dry at the closing table.  That speaks volumes for your character.

I would work again with Tim in a heart beat.  He made the long distance arrangement a breeze and always made the extra effort to make himself available to deal with the attorneys on our side of things.  He was also very patient and understanding when the refinance didn't go as smoothly or quickly as I had hoped.  We both learned about that annoying 6 month seasoning on refinance rule on this one.

Anyways, thanks again Tim, and thanks BP for providing a community where something like this is even possible.

Brian Adams · Answer

@Tim Johnson so glad your deal worked out and BP is a great place to connect and network.

It would be helpful to know what steps you took to overcome your skepticism to send your funds to Mike.