All Forum Posts by: Peter Matthews

Anybody had any experience with services like evoicereceptionist.com?

They are $30/mth for 800 number, 3 extensions, voice mail to email, 1000 minutes, etc.

They seem ok, but I'm looking for a less expensive alternative?

Peter

Thanks to all of you for your advice. Much appreciated!

I'm learning that tenants get a very fair share of rights in NJ and that evictions can extend many months (the worst I heard of was six).

Has anyone determined the optimal/quickest way to get non paying tenants evicted.

By this I mean:

- up front screening (credit/employ check/crim. bg)
- stronger lease clauses
- security deposits, etc
- tactics
- lawyers

If anyone has devised a process for minimizing eviction time and lost rent I'd like to hear from them.

Thanks

Tim,

Agree the market was skewed. We know we need to change assumptions.

Our challenge is finding a funder.

Can I pm you--have an invite into you.

My bus. partner and I are working on a restart of our rei business. Any advice appreciated. Btw, we know the mistakes we made, so no comments needed there... :)

> SCENARIO:

1. We built mostly SFHs from 00-07 in central NJ. We did a range of projects--rehabs, tear downs, sub divs, and condo conversions.

2. We started very small, self financed using the unrealized equity as collateral, and did not need HMLs. We felt we were conservative with assumptions.

3. When sales stopped and credit tightened we were hit hard. We missed the big red flashing warning signs!

4. My partner has moved into our latest project, to hold it until there is some/any market improvement. There is no equity to leverage.

5. Our credit and cash has been hit hard.

6. We are optimistic about a restart, but have serious constraints.

This is where any advice I can obtain here comes in.

> OUR PLAN:

1. Stay optimistic. We still believe in the potential. Adjustments to market are required. We have to find a way to make re work for us again.

2. Diversify. Broaden our options to include buy and hold, lease-purchase, in addition to new const. and rehab.

3. Move to smaller house footprint to improve rental and sale prospects.

4. Add MF to increase cash flow.

5. Seek/find partners willing to fund on a money cost and/or equity share basis.

6. Look into more off road approaches - equity trusts, etc.

7. Create a cash mgmt plan with a reserve contingency (lesson learned--whew).

> OUR ASSETS:

1. A solid set of contractors, proven over multiple years.

2. Documented profitable projects.

3. High level of knowledge of construction, market (in our geo), zoning, codes, and planning boards.

4. Ability to find projects now. We are simply having to pass on them.

> OUR CHALLENGES:

1. Credit way below current requirements for BF.

2. Insufficient startup cash to show an HML we have 'skin in the game' or working project needs (rehab etc).

3. Since we have not used HMLs over the 7 years, no relationships with same. In today's market, an HML wants a proven track record with him/her to lend. We have been unable to id an interested HML to date. Plenty of brokers with time wasting promises!

4. Constrained to this geo. Circumstances prevent a move to more attractive areas.

Ben,

You may well be right. I've spoken to multiple brokers who've told me my deal is a home run, only to have them use a lot of time and strike out. I need to find a serious player HML or a broker who can deliver quick answers.

If you are a broker and can get me a quick answer, I'm all ears.

thx

I would like to connect with any serious HML's interested in this geography.

Appreciate hearing only from principals---no brokers fronting for HMLs.

Spec house in costal Monmouth Country.

Nearing completion. New construction. Est. listing price 1.6M

Seeking 125k bridge loan. Banks/mortgage companies not an option.

Any referrals to reputable companies appreciated.