All Forum Posts by: Abraham Kaplan

Does anyone have advice how to find an apartment complex for sale? I have been growing the size of the rental properties I have. I started out with two duplexes. Recently I bought seven condos. I feel ready to move up to something larger. I would like to find an apartment complex between 25-100 units. Anywhere in the country. What is the best way to find motivated apartment complex sellers? I've used wholesalers for all my previous purchases. Is that the best route? 

In my google search I did see where this has not been held up in court before. But it just seemed strange to make it page 130 of my closing documents. I live in Roswell NM. The properties are in Corpus Christi TX. Their loan officer is at a DFW office. And their corporate office is in Florida. Based on that why did they think that agreement was needed? There are many situations where everyone says you should not mix with religion or politics. I think closing documents is one of them. I might be making too big of a deal but I don't think I'll be working with this lender again. 

I'm not sure if I can post the document I was asked to sign. But if you google Shtar Isko the results are pretty similar to the agreement was I given.

I just closed on a purchase of several properties. In the closing documents the lender included a document called Shtar Isko. Below is a description of what that is. It has to do with Jewish law that prohibits charging interest amongst Jewish people. Has anyone else had a lender request them sign a similar document? I did not feel comfortable and the lender did not try to make me. But I just felt strange that the last minute they decided to add a religious document to the contract. I am Jewish and I didn't know what to make of it.

"Jewish Religious Law strictly prohibits the paying or receiving of interest on loans made between
Jews. However, when monies are advanced in the course of a business transaction, an agreement
may be entered into, whereby the provider and receiver of these funds are considered equal
partners. This partnership is based upon the stipulation that, upon request, every loss must be
attested to by two trustworthy witnesses, and all profits verified by oath. All consequent profits
and losses are then equally shared. However, in order to avoid these very stringent requirements,
the provider of the funds, under this “Shtar Isko”, agrees to waive his share of the profits in lieu of
receiving a fixed percentage of the money advanced. This percentage is then considered profit,
rather than interest on a loan. This agreement becomes effective when the receiver of the funds
executes a form as set below.

Jewish Religious Law strictly prohibits the paying or receiving of interest on loans made between
Jews. However, when monies are advanced in the course of a business transaction, an agreement
may be entered into, whereby the provider and receiver of these funds are considered equal
partners. This partnership is based upon the stipulation that, upon request, every loss must be
attested to by two trustworthy witnesses, and all profits verified by oath. All consequent profits
and losses are then equally shared. However, in order to avoid these very stringent requirements,
the provider of the funds, under this “Shtar Isko”, agrees to waive his share of the profits in lieu of
receiving a fixed percentage of the money advanced. This percentage is then considered profit,
rather than interest on a loan."

Is there some kind of supplemental title insurance policy or another way to protect my investment funds in case of title fraud? The reason I ask is on my first attempt to buy a property to flip there was title fraud. I don't want to go into all the details because the lawsuit is still not resolved. The title insurance covered the loan from the lender and some of my lawyer fees. They didn't cover any of my other cost, such as contractors and bought materials. My partner and I lost a large amount of money. It took us a long time to recover from it. But we have saved up more money and secured lines of credit. We don't want to lose that again. I"m looking for a way to protect what title insurance won't.

It will be a flip.

Need advice for a property that is listed on an auction website. The property is in Roswell NM. This is the only forum in NM that I know of. The current bid is $111,000. In RESS the comparables are around 160k. It is 3 bed, 2 bathroom, 1775 sqft. It is a historical house. Since it's up for auction I can't go in the house. But I walked around the property. In my amateur opinion it's in very good shape. The inspection document on the auction site has a few photos in the inside and it looks good. Doesn't appear to need any major repairs or upgrades. The auction is cash only but will also accept a hard money loan. I don't have enough experience to look at photos and determine if the property is worth an investment. Any suggestions? The bidding end on 11/1/18 at 1pm MST. Thanks

Need advice for a property that is listed on an auction website. The property is in Roswell NM.  The current bid is $111,000. In RESS the comparables are around 160k. It is 3 bed, 2 bathroom, 1775 sqft. It is a historical house. Since it's up for auction I can't go in the house. But I walked around the property. In my amateur opinion it's in very good shape. The inspection document on the auction site has a few photos in the inside and it looks good. Doesn't appear to need any major repairs or upgrades. The auction is cash only but will also accept a hard money loan. I don't have enough experience to look at photos and determine if the property is worth an investment. Any suggestions? The bidding end on 11/1/18 at 1pm MST. Thanks

I've never heard of that. Thanks Daniel!

Hey everyone,

I'm starting on my first real estate investment. It's going to be a flip. What kind of insurance should I get? This is a single family home. I'm assuming I wouldn't get a regular homeowners insurance. But maybe I'm wrong. Thanks.