All Forum Posts by: Thomas Fish

To Bryan: yes, a partner coming in would put up most of the down payment (about 95% of it). I put up the rest and manage the properties. It's hard to give exact numbers on the gross rents because each project varies. An example of one I just put together tonight is this: 16 units @ $475 per unit = $7600 / mo gross rents. Expenses including debt service = $4400 / mo. Net = $3200. In this scenario, an incoming investor would put up $50,000. I'd put up $10,000. Each month, we'd split the $3200, which is $1600 / mo for each of us. In that scenario, which is actually a little weaker than some of the other deals,the investor's annual return is $19,200, which is 38%. The seller and I are still negotiating on a few points that might make this cash flow better. (I don't know if that fully answers your question or not.)

To Bryan, FinanceM, and Max. I am defining cash flow as the gross rents minus the monthly expenses including debt service. It's the remaining amount left over from the monthly intake. We would split that 50-50. / What I'm guaranteeing is that whatever the cash flow is in any given month, we would split that 50-50. The properties I've put together so far have had 95% - 100% occupancy. When one tenant falls off, we'd replace him with another tenant. / What I'm soliciting is for a partner...I hope I'm not crossing any line into the realm of "investment solicitation," as with a private placement or something. / Also, the properties I've put together, and am putting together, are already up and running with tenants in place. They don't need rehab first. (A couple I'm looking at need a little bit of rehab, but it's minor in the scope of things.)

Joshua, you should report your fleecing at Ripoff Report. This Doug Fath character is running rampant with his guru scams. The more voices that tell of his schemes, the better.

Sorry for the typo: possibility.

(My friends used to beat me in Monopoly when they ganged up on me and worked together to get all the good properties. I got to thinking about this today while pondering ways to take down some of these great, cash-flowing deals I've been writing options on here in Michigan.)

What I'm looking for is $10k - $20K partners to come in on these deals for 50% of the equity and 50% of the cash flow. I'll put up the rest and manage the properties.

A couple examples: a 7 unit, 100% rented, partner pays $20K gets $1000 /mo cash flow plus 50% equity as it builds.

A 15 unit, 100% rented, partner pays $20K, gets $1800/mo cash flow and 50% equity as it builds.

An 8 unit, 100% rented, partner pays $20K, gets $1000 per month cash flow plus 50% equity.

I have a bunch of them, can't take them all down myself. If interested, please write me at my regular email address (bigzoo) and let's talk about the possobility of doing some of these.

Thanks.

Tom

Just a little Doug Fath update. About 11 months have passed since I fell prey to his scam. I have talked with attorneys in that time. One class action attorney rejected the case because he said that Doug Fath was probably not collectable. In other words, you can win but you can't collect.

Meanwhile, Doug is out there doing new seminars on different topics: Freedom$oft is one. My suggestion remains: DO NOT DO IT!!!

I got royally scammed by Doug Fath. (You can go to ripoff report and read my complaint as well as Doug's lame rebuttal. Just type in Doug Fath in the search). In a nutshell, he proported his niche to be "Student Housing," and he ran a program, with webinars, etc., and GUARANTEED funding for any student housing property you brought to him that met a certain criteria. In the course of 1 month, I brought him 35 properties. PRIMO student housing properties. Within site of the campuses!!!! Guess how many he funded? ZERO!!! NONE!! NADA!!! The truth is that he never had any intention of funding anything. He didn't have the resources to fund anything. He ran a scam program that cost $1500 and guaranteed funding...and in the final analysis, he took the money, funded nothing....and I read on his facebook page shortly thereafter that he was buying an apartment building for himself. Hmmm.... do you think there was a connection?

Doug Fath is running other programs out there too. I get emails from him forwarded to me from time to time. He seems to now be the expert in things other than student housing. My suggestion: STEER VERY CLEAR!!!!!!! Check out RipOff Report on him.

Tenants...ah, such a sweet and sour word. I've done them in both houses and apartments; and in duplexes, triplexes, commercial...etc. Getting them is never a problem. Getting them to PAY, now THAT can be a problem. Getting them to tell the truth about when they are going to pay, why they can't pay, etc. Therein lies the headache.

Thanks, Bryan. I don't think any of us have made a direct "craigslist" type transaction from this forum (Joe advertises a bulk package, Moe responds and buys it). But through this forum, I personally have networked with a whole bunch of brokers and buyers, people who are out there actively DOING the business in all of its capacities (not just bulk). That's the A begat B begat C thing I was talking about. Maybe there is another forum on here where I could do the same type of networking, but it just seems that this Bulk forum attracted the big hitters, the big thinkers, and the people who knew people who knew people who either (a) had product or (b) were buying product.

What did Garrett Morris used to say on Saturday Night Live? "(This Forum) has been very very good to me."

4 legit CA packages available, ranging from $27M to $33M. Buyer couldn't hard proof to seller attorney, so they are back on the market. Email me if interested. Hard proof gets the contract (for 1 or more) and tape(s).