All Forum Posts by: Anne Jenkins

my issue was I posted my phone number in the ad.  That is a FB Marketplace no no.   Perhaps some of you are doing that too.  Take the phone number out.

please do not skip the above advice, just because this is A FRIEND.  Many an investor will tell you that their worst nightmare was doing business either with a friend or family.  
This is BUSINESS.  Don't get sloppy because this is a friend, be sure to have all the paperwork in place that protects you from the deal going south.   Do your due diligence.  Make sure the deal is worthy of the loan.  That is,  what is the property worth now, once fixed up, and take into consideration the market and factor in the possibilities.   How much experience does your friend have flipping?  There is a load to know  about that kind of investing and the pitfalls of surprises that fixer uppers don't reveal until you tear out a wall or start remodeling.    

I know too many investors who lost money because they felt they shouldn't make friends sign legal agreements.   Legal agreements are a good way to keep friends and make sure you get your money back.  

Henry, in Wilkes Barre PA The CONSTABLE told me she has 10 days to get her stuff.  I HAVE to either store the tenants property in a storage unit  and pay the bill or allow her to remove her stuff withing that 10 day period.

I spoke to another landlord who is more experienced in this city and she tells me I can remove all the stuff but must store it and allow her access on a limited basis.  This landlord has over 200 units been doing this for a long time so I believe I can trust her.    She actually told me that I have to store the stuff for 30 days!!! City ordinance.  DANG!

Constable posted today for Possession.   Tenant of course is reading me her rights.   I am just looking for clarification as the Constable  "can"t give me legal advice" and I am hoping like everyone to

cut my losses some.   She has 10 days to come get her STUFF! In addition to all the other notices prior to the Possession order!    She is demanding she be able to come and go as she wants and I am telling her she has to schedule a time with me to enter and remove her belongings.     Looking for Guide lines to follow.   So far I am 1.5 months lost rents and $300 in court costs.  Sigh and she WILL take all 10 days to do this.    Can anyone tell me if I can remove the stuff from the unit and put it in storage.   We are talking Wilkes Barre PA.    I really would of course like to start the cleaning up process but how to do that if she and her brood are in and out?

Thanks for any insight. 

Having been thru a couple of suits, I have learned that I should not provide extra things people can hurt themselves with.     The more extras, the more chance of litigation. 

Thanks Jay, it certainly helps to hear it first hand from another investor. 
Having done 50 deals and your extensive postings on Bigger Pockets verifies your credibility to vote yeah or nay.  
From my phone conversations, his videos, and emails I feel very comfortable with David,   I also like his approach to the rehab or fix up of properties   That is, he doesn't just rip and replace , he evaluates what is good and works with it to suit the market he is working in.  I have seen too many investors create a truly beautiful property but a much higher end product that is out of the market norms cutting deep into their profits.

It is great to have this resource and thanks for taking the time to post and let me know.

Anne

Thanks for the input.   I have done some private money lending in the past but with individuals not with a company that is doing a number of houses every month.    We are talking a significant amount of money so , yep due diligence is very important here.   It's a 5 hour one way trip but I hope it will be a long
term relationship. so makes sense to make the trip and yes, verify that the property actually exists.   I plan after meeting the team, verifying the deals and "looking the bloke in his beady little eyes" as he put it, to connect with a realtor or other professional to do the walk thru for me in the future as I don't want to have to make that trip each time.  
 
I did use the term lend and invest interchangeably.   I do note and appreciate your clarifying the difference Jeff.  Yep I definitely get the importance of a note, REGISTERED with the court house thru a title agency and so forth. 

May I inquire Chris as to why you chose NOT to do business with David?   And would either of you have recommendation of other companies that would be good to look into?   

 

I am looking at doing some private money lending with Garnaco.   The organization looks good, but we all know that looks can be deceiving.  My husband and I will be taking a ride out their way to look over a few of the properties and meet "the team".  

Garnaco rehabs or upgrades properties, then rents them and offers the good tenants a pathway to home ownership. What the investors do is one of two choices.

Invest in the rehab or repair end or invest in the bridge loan after the property is fixed up or "stabilized" thru the period when the tenant gets their own finacing.    Seems fairly safe and the rates are good.   ( 9-11% depending on the type of investment and time frame)

Any experiences,  opinions or suggestions would be appreciated.   Thanks

that's simple.  Thanks

Hummm.... I would love to have an easy answer for that one.   In my 20 years of RE Investing I have never been successful in collecting anything from a tenant who vacates.   I however invest in low income type housing so most tenants have no assets to attach.  If your units are higher rents and the tenants have assets, particularly RE you can file a lien in the courthouse with the Prothonatary. Turn the case over to a collection agency for a fee which will get a ding on their credit at least or file a writ of execution and then the sheriff gets involved   Google debt collection.   lots of info there.