All Forum Posts by: Andy F.

Hi Kyle:

Please contact me regarding the Blair property. Thank you.

Andy

Melanie:

Sorry to hear this. Here is what you can do to get justice (and hopefully your money back):

Contact the Banking Commissioner in the states this company operates (it's main office). File a complaint. You should then also CALL in person and make the complaint. Email the Commissioner personally (the squeaky wheel gets the grease). Here is the contact for Utah: https://dfi.utah.gov/

Very important: Do the exact same thing with your Banking Commissioner in Texas.  Then...

Contact the Banking Commissioner in each state you think this company is conducting business.  AND ALSO...

Contact the Consumer Financial Protection Bureau: https://www.consumerfinance.gov/                                                         This organization was put in place after the mortgage crisis to watchdog financial scammers. File a complaint. Again, call the agency personally as well.

Ask all of the agencies above to CALL the scammer company right away and demand your refund. After the scammers get a few calls from these agencies they will be very likely to return your money rather than go to jail or face justice in some other fashion. 

Make a copy of each complain you've filed. If you have not gotten a refund quickly, send an email and registered letter to the scammer with a copy of each complaint filed demanding your money back immediately. Let them know if they do not comply you will proceed with legal action via these agencies.

Good luck with all.

Best,

Andy

Hi Mark:

I have a bank source here in Utah that may be able to help. Not hard money, a bank. Please respond to my colleague request and I will fill you in. Thanks. It would not be appropriate for me to discuss this publicly on the forum.

Best,

Andy

Virginia:

Stop torturing yourself. Hire a property manager. The small commission paid is much more advantageous than you can imagine. It will save your sanity and make your business flourish.

 The reason people hate being a landlord is they are personally involved in their tenants "world". Don't be. This is a business, tenants are the income stream. Make sure the MANAGER knows how to say no and you won't have to. Forget about your perceived "lose of control". If the property manager is good (get referrals) then you will spend your time doing property deals which is where the real money is. You will end up making more money with a manager in place after a short while. Why?

Without tenants, toilets, and trauma you're only spending your time looking for and doing deals. You will be so much happier. If the property is a break even or positive cash flow with the manager in place, do it!  If the property can not support a manager (it's probably not a good investment property) and you insist on keeping it you should...

Put the title in a trust or LLC (or change your existing Trust or LLC on title to a new one). Then send a very very short business (non-personal) letter to the tenant (DO NOT CALL THE TENANT) that says:

Dear Tenants at (the address):

The (home, apartment, condo, etc at address) is now owned and managed by (Name of Trust or Name of LLC). Please make all rent payments to (name of Trust or LLC). A representative of the the trust (or LLC) will be your contact and will reach out to you shortly with additional information. Please do not contact the former owner, they will simply refer you back to the new management. Thank you.

Sincerely,

(Name of new Trust or LLC) * do NOT put your name here!

Then, do not answer the tenants calls (use caller ID). Do not call or write to the tenant yourself. If the tenant gets through to you somehow, just say "I'm sorry, I'm not the owner anymore (name of trust or llc) is".  Please contact the new management. There number is....". Then,

Get a PO box and have the trust or llc tell the tenants to mail rent checks to the trust or llc. Get an answering service (cheap). Let the service answer take all tenant calls on a specific number (NOT YOUR OWN NUMBER). Have them answer calls "Hello (this is Name of trust or llc". Have them take all tenant's messages. Then the service gives you the message. Do not let the service give out your name or number, NEVER. You can even use a cheap recorded voice mail service (do not use your number) that records tenants messages (no live operator). You retrieve the messages. You will delegate all repairs to a handyman or someone of your choice. DO NOT do repairs yourself even if it costs a few extra bucks. Make sure the repair person NEVER mentions your name to the tenant and refers only to the (trust or LLC). And,

Find a realtor (anyone but yourself) cut a deal. Pay them a small fixed amount per conversation (it's easy money) with the tenant. Hire a "hungry" realtor to be the voice of the trust or llc. The realtor never mentions your name just the trust or llc. Do not do a standard management deal with the realtor.  You will give info to the realtor, they relay the info to the tenant.  They are the mouthpiece for the trust, llc. The realtor tells the tenant to always call the management service (answering service number) first for all needs (not the realtor). 

If you need to deliver a late notice, notice of eviction, etc, let the realtor sign them for the trust. If you ever need to evict, NEVER do it yourself. Have an attorney specializing in evictions do it for the trust or llc. None of this is expensive.  And will save your sanity. But honestly,

If the property does not cash flow enough to have a property manager do all this, get a different property. The beauty of doing that: It can be a cheaper property in a lesser area (drop your ego). Why? Because it will cash flow better and using a property manager you never have to deal with the tenants. 

Good luck!

Hi Gus:

I'm a full time landlord and investor in the Salt Lake City area. Multi unit apartments buy and hold is a big part of what I do. Let me know if there is some way I can help.

Best,

Andy

Anyone located in SLC area have a mortgage lender for a fourplex they have used and are happy with for conventional financing? Only refer someone if you've used them yourself or you've been part of the transaction and they are very familiar with multi unit financing. Thanks.

Thank you for your suggestions. 

Hi Everyone:

My close buddy is interested in investing in commercial property specifically  multi-unit apartment buildings and complexes. He is looking for the best book/info on the subject. While apartment investing is exactly what I do personally, in the interest of keeping a good friendship intact neither one of us is interested in my teaching/training him. I've been a landlord and real estate investing for so long any written material I have is likely outdated. Can anyone recommend the best book on this subject? Not interested in seminars, just a very good thorough book. Any suggestions?

Thanks!

Ryan: 

Quick follow up... Do you have good credit and down payment funds or are you looking for seller financing deals only? If you don't want to divulge that publicly I understand, feel free to contact me privately via Bigger P and I'll help any other way I can.

Andy

Ryan:

There really is no one place to start... even if I were starting over with what I know now.  There are no shortcuts. As I said speak to everyone. Do the hard work.  If you see a for sale sign call it. If you see a building that is not for sale but that you are interested in, research for the owner and call them.  If the owner's don't want to sell ask if they know who might sell. Then ask for their favorite mortgage person, building contractor, handyman, manager, realtor, etc, and call them.

The Guru hype is fine. The dream is great and get's you excited. But the real success happens with hard work. This is a business and you simply have to decide you're willing to do what it takes then stay with it no matter how hard or how long it takes.  

Best,

Andy