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All Forum Posts by: Lelith Walker

Lelith Walker has started 14 posts and replied 250 times.

Post: What are you doing different now?

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Restrategizing to recoup my losses. Putting plans in place to scrutinize people more.  Starting my own group to partner and buy an apartment building.

Post: Building a Team

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Recommendations for those people can be achieved right here on bigger pockets. Search the forum for the city and state that you want to buy property and the profession. For example type Detroit lawyer in the search box or it may be best to subscribe to a national legal plan. You can also go to the real estate meetup groups in the area near the properties that you want and ask the members there who they have used. You can also go on facebook and sign up for the real estate groups in your area of investment and ask the people there. Other facebook groups that are good is REI Blacklist and Rehab recommendations. Once you get this list, check licenses, look at experiences that they may have listed here or on www.linkedin.com. Call them make an appointment and ask them questions about whatever your concerns may be and what you intend on using them for. Tell them what your strategy is-(buy and hold, flips, notes, etc) Ask them if they invest? If so, do they invest in your strategy? If not, do any of their clients invest in your strategy? Whats their availability like? What are their fees? If you can meet in person that would be good so that you can check out their body language and see if you are a good fit. Also look at their office. How many people do you see in their staff? How do they interact with their staff? Does it look organized? If you are not comfortable with anything said or how they make you feel dump them. I do not care how many recommendations they have some people pay people to say something good about them. I did get ripped off by Wendy Lovejoy Williams who used to be marketing director at a Georgia REIA. She had came with many recommendations, but there were things she did that I was not comfortable with and I overlooked them. Now I am paying for it dearly. Also double check everything they say because she told me she preached. After realizing she screwed me I called the church she told me she belonged to and they said they never heard of her or her ministry.

Take it a step further and sign up for www.pacer.gov and check other sites like http://www.ripoffreport.com, http://www.bbb.org, http://www.consumeraffairs.org, www.fraud.org.

For lawyers you can also start with the bar association of the city that you will invest in and tell them what you want. 

For realtors go to the real estate commission of the state to see how long they have had their license, if they even had a license, if it was revoked.  Have they worked with investors before?

For contractors some places require that they are registered with the secretary of state, so check that website out or call.  To get contractors ask realtors, other investors, www.angieslist.com, www.houzz.com and www.homeadvisor.com.  Are they bonded?

For property managers you can check www.irem.org. How many properties they manage?  Do they manage only certain areas of a city? How long? How many evictions did you do this year? How many in staff?  How do they handle late fees? How do you handle repairs? Can I see your agreement? Contractors bill? vacancies? security deposit? How do you screen tenants? How long do your tenants stay?

Post: Late Rent? What's your "way too late date" to get paid

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

My properties are in different states so I go according to the law.  Each state does differ on how long you should wait before charging late fees and when you can actually give notice to quit.  Also in NY if your lease states to be paid on the 1st and you constantly keep taking late payments without fees then they normally will Not rule in your favor. http://www.nolo.com/legal-encyclopedia/paying-rent

Check with lawyer to go over your rights, speak or write to your tenants expressing your concerns.  Make a firm decision, cause at the end of the day this is a business even if you have fallen in love with your tenants.  You can find other good tenants who will pay on time and keep your place clean. 

Post: If I had $1,000,000

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

If I had a million I would invest half in an apartment building (not in my state).  Use equity and income to buy storage facilities and parking garages.

Post: What to name an LLC

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Its best to come up with a name you made up than your own. Some people use the street name or something that describes their strategy, symbol, or personality for their LLC. Since we live in a society where people like to sue it is best not to use your name.

Post: When a tenant moves additional people into unit

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Check your lease and your local laws.  If you have it in your lease that they can not have people stay over a certain period of time, then you have to serve them notice.  The notice time frame differs by state.  Now in certain states there is a limit to how many people can live in an apartment which overrides what may be in your lease.  For example a 1 bedroom where I am from is for 2 1/2 people.  Anything above that is illegal and considered a fire hazard. A landlord is forced to evict or else if the fire inspector sees this he will issue a warning to correct within a certain time frame. Again check your local law.

http://www.evictionresources.com/

or

http://www.nolo.com/legal-encyclopedia/state-laws-termination-violation-lease.html

Post: Partners...?

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

@Kris Haskins I would like a copy of the agreement as well.  Thank you in advance

Post: Investor Guru Frauds

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

You have to be careful of some of the people in REIA too. I was scammed by the former marketing director of a REIA. She had a lot of good reviews online as well. I am still recouperating from it as well. Turns out she scammed a few others but and was told she went to jail for one of them. This of course happened after I bought my deal from her. I learned that sometimes when you feel something in your gut or spirit that does not sit right go with that over logic.

Post: Brand New-Do I need/want an Agent/Broker license?

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

I believe it will be beneficial if you get a license when you are fixing and flipping in the same city state that you live in. The benefit is you have access to the mls and the tax write off. I do not believe the license alone helps in investing because networking and taking classes at the local REIA may benefit. Just don't do like I did and be too trusting of all of the members in there no matter what their title is.

I started my LLC before my first deal and I think it does make it better because those who buy the house in their own name and then transfer it to the LLC name normally have to pay a lot of money to do so. Check with your accountant and lawyer first of course.

Post: deadbeat tenants database for small landlords?

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

I believe SPONY has one but it only has the people for new york