All Forum Posts by: Amber Masterson

@Joni Martin I bought one property from limitless turnkey in Cleveland, OH. Turns out everyone has a different idea of what "turnkey" and "rehabbed" means. The property ended up not being as rehabbed as I expected. What was the name of the guy that you met that was previously at Morris Investments? Was it Dave?

 I'd love to hear more about Dave Koehn. Do you have a picture or an email for him? Is he living in Florida? I met him through the Limitless Turnkey properties. He was doing side house flips and was looking for PMLs. I gave him a loan for a property and he paid me back for the loan. I have him a loan for a second property and he never paid me back. I found out later that he never even owned the property he was supposedly rehabbing. I know two other people personally that he did the same thing to. 

Thank you everyone for sharing your thoughts, tips, and advice! I really appreciate it! 

One of my units needs to be repainted and have some updating done in the kitchen and bathroom. My PM has a rehab company that can do the work. I've looked over the bid and the pricing is ok. The problem is, he said "let me know when you are ready to fund it and we can get it on the schedule within a few days of that." Everything I've heard from investors is that it's a bad idea to pay a contractor up front for the work, especially when it hasn't been done yet. I don't want to fork out $7k without the work being done first. Any suggestions on how to respond to my PM? 

Thank you everyone for sharing your thoughts!! They were very helpful!

Is it normal for a PM to ask for your social security number? They said often times they are required to provide either an EIN or a SSN to some utility companies. They also said they may need it when processing other forms or registrations. 

Thanks! That's helpful. I'll take a look in my closing docs for that. 

I bought a duplex about three years ago from a turnkey company. They already had property management in place and I continued with that pm. I am in the process of switching to a new pm and I just found out the turnkey seller kept the security deposit for the tenants that were in there when I bought the property instead of having the pm hold onto that security deposit. What do I do? Do I have to cover the security deposit for the tenant from my own pocket? Should I try to reach out to the seller and get the security deposit back? Any help would be appreciated! 

 Yes. I believe it's $300.

The max the PM can spend without my permission is $300