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All Forum Posts by: Thomas Fish

Thomas Fish has started 33 posts and replied 96 times.

Post: WARNING: JES Properties

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

Well, regarding "acting in my own interest," I was the supplier of properties. My role was to deliver deeds to the attorney, which I did. I was in South America (where communication is limited) when the deal funded, and my take was $2000 short. I called the attorney as soon as I could and told him so, and his response was, "Well Jason (owner of JES) is my client, and he told me to pay you that much." And I was like, "Wait... JASON is your client? I was told all along that you were the BUYER'S attorney." I was basically lied to throughout the entire deal, by Jason and by the attorney himself, who very early on told me, "I am acting on behalf of the buyer." Do I have a lawsuit? Yes. But one of the big wholesalers, who had a vested interest in another deal we were working on, asked me to please not file suit until the other deal finished. I'm not too suit happy anyway, so I chalked it up to a $2000 lesson learned. But I'm hear to warn anybody who comes across JES Properties, BE VERY AWARE, the guy is innately deceitful and dishonest. He lies and works underhandedly as naturally and instinctively as the rest of us breathe.

Post: Doug Fath Student Housing

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

My jury is still out on the "guaranteed funding" aspect of Doug Fath's program. His material is good...some of it is excellent! But I've submitted 30+ deals so far and NOTHING has been funded yet. Still waiting! And waiting!

When I started the program, I took the "guaranteed funding" component of it VERY seriously. It was hyped, no doubt. It sounded like he had all the funds lined up...and a group of investors... and it was just a matter of finding the deals that met the criteria and, boof, he'd fund it in one of 3 ways.

So I approached the program with a set plan: to submit 10 great deals to him per week. I worked all week finding deals, and then, every Friday before 5, like clockwork, I submitted 10 deals. Every one of them meeting the criteria established in the program: 65% to ARV, 1.35% cash flow. And several other variables. All met. As we speak, I have 35 deals sitting somewhere in the ether-equivalent of his desk. And nothing has been funded yet. (This is the 5th week of the program. I stopped submitting until I see what is going to happen with this guaranteed funding.)

We eventually talked on the phone, and he asked me to just pick the top 3. That was a hard task. I had tied up houses in one of the most booming college towns in the country. I have houses ONE BLOCK from campus!!! I have houses with college kids living in them NOW! Picking 3 was a difficult task, but I did that.

I'm 5 weeks into what is supposed to be an 8 week program, and not ONE house has yet been funded.

Because I have prime properties tied up, I am now seeking other investors to pick up what I thought the "guaranteed funding" program would take care of.

But as I said, my jury is still out on the "guaranteed funding" aspect of the program. Doug seems like a very sharp guy, and he knows what he is talking about. His course materials are great...some of the things are priceless. I would recommend the materials to anyone wanting to learn about this particular niche market.

I will post again in 3 weeks to update you on the funding. Did my deals get funded? And how many out of 35? (I would think at least 1/3 of them would get some attention)

Time and patience will tell.

Post: We often talk about due diligence but what does it mean to you

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

Due Diligence to me means "Do Everything Possible Not to Get Kicked in the Groin After the Deal Closes." And that involves different things for different markets.

Post: New Wholesaler Needs Help

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

My suggestion is to let the homeowner know upfront that you're new at this, but that you'd like to have to opportunity to sell his house to your end-buyer. The point being, don't try to pass yourself off as having experienced because, in general, that is too transparent and raises suspicion in the owner, making your task at hand all that much harder.

Depending on the type of property and the situation, it'd be best to find the end-buyer first, talk a soft price, then go to the homeowner with YOUR offer to him. Use transactional funding for the double close: owner to you, you to the end-buyer. Good luck!

Post: 700+ Credit Seeks Funding

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

I am looking for some solid commercial funders that I can work with on a continual basis. Please write: [EMAIL REMOVED]

Thanks.

Tom

Post: WARNING: JES Properties

Thomas FishPosted
  • Real Estate Investor
  • Saginaw, MI
  • Posts 136
  • Votes 24

I had to report this company to the Attorney General and the DA's Office for the following reasons:

1. Setting up an attorney--pretending it was the buyer's attorney--for the purpose of hiding funds in the transaction.

2. Telling the end-buyer that he owned the properties being sold. It wasn't until after the close that the buyer found out that JES never owned one property in the transaction. (28 properties closed).

3. At first trying to rip me off for $8000 in the deal, finally ripping me off for $2000.

4. General deceitful business practices.