All Forum Posts by: Calvin Thomas

@Jacob Brenyo Thanks so much for commenting and trying to help. I appreciate it! We owe $154k on the property and the interest rate is 4.25%, the monthly mortgage is $1050 with taxes and insurance. I’m not sure if that helps.

as an investor in the notes, I can say that yes we knew what it was and that it was risky, but wanted to try something a little different.  Marco's team told us he was using the funds to fund his ecommerce businesses as well as the mastermind and training/speaking programs.  Also funding broadway play prodctions and other irons he had in the fire.  Now that he has converted the notes to "stock" in the "company", I do not expect the payments to be resumed at all and am just hoping we will get the remainder of the principal back out...but not holding my breath!  Put it down in the stupid tax column and the cost of learning about the different types of alternative invesements that are out there.  As I said, we knew it was pushing the envelope, but thought we would try and see!  Please keep the comments coming on what folks find out....I too got Marco to send a follow up email that didn't really clarify anything.  Then a few days later got another email asking if we wanted to invest in another note program!!  

Quote from @Engelo Rumora:

Quote from @Jay Hinrichs:

Quote from @Don Konipol:

I am not a debt investor, a bond investor nor am I an investor in corporate debt, private equity debt, peer to peer lending, etc.  I am an investor in debt DIRECTLY secured by REAL ESTATE.  

I have enough problems correctly underwriting real estate debt; I can’t imagine the problems I’d have trying to CORRECTLY analyze risk in private equity corporate deals based on the revitalization of bankrupt brands. 

Even wall st guys miss  these things  right .  I know anytime I have gotten away from my core (RE) its not ended well for me.. 

So true and 100% agreed with you both

Lost my A$$ almost every time I touched something not RE related lol

what really happened here is beyond typical "RE guys" investing into "non RE".

This is outright investment on unregistered private placement that' usually can only be done to certain highly accredited investor because it's super high risk in its nature.

Here's more information on REV's financial position :

1. Financial Challenges:
   • As of early 2023, REV was reportedly exploring restructuring options, including potentially filing for bankruptcy.
   • The company had allegedly paused payments on its debts, estimated to total around $200 million.
2. Revenue and Losses:
   • In 2022, REV reportedly had revenues of about $60 million but losses of around the same amount.
   • This was a significant decline from 2021, when the company had revenues of $150 million and losses of $90 million.
3. Recent Developments:
   • In May 2023, REV's backers acquired its IP portfolio, allowing it to avoid bankruptcy.
   • The assets are now owned by a new company called Omni Retail Enterprises, which acquired most of REV's assets in a transaction that closed within the last 90 days of the report date.
4. Portfolio Changes:
   • REV sold its stake in Tuesday Morning in May 2023, which it had acquired through a $32 million investment in September 2022.

Usually with unregistered private placement, the advertisement of such product should not be made public by LAW.

Now knowing there could be potential so much fraud/illegal transaction here, I would suspect if Norada may receive commision for such scheme.

Some of you guys that invest may want to unionized together and file lawsuit, there're few attorney that's working on this case the way I see it.

Hello all,

I am managing a friend's property and I was wondering do I need to sign the lease or should the lease be signed only between tenant and landlord. and if I dont have to sign the lease shuould I have to mention me as property manager on the lease? I would think I should be mentioned with contact details for tenant to know who the property manager is, but I also wonder what if the landlord decides to remove me as property manager and appoint someone else? would they need to resign the lease?

Pro's: 

It's great to have BP as a trustworthy partner to give clients a level of trust that they will be taken care of. BP cosigns our ability to operate and vets us both on the phone and online prior to featuring us. If we do a bad job, then it looks like BP also does a bad job. Neither party wants that.

I've helped out a handful of people that found me on the platform and heard a variety of unique and exciting stories from real investors that need some help with their situation. Whether it's a refinance on a balloon payment coming due or as simple as an active duty military person wanting to house hack their first home. Really rewarding when I can help them meet their goals.

The cost of the service is pricey, however it can pay itself off if you are helping folks consistently.

Most of the clients that come in are not qualified or don't actually want financing, however there are some folks that are indeed serious.

Con's:

Incorrect phone numbers and email addresses

Delusional keyboard warriors threatening to start being an investor. These folks are imagineers that have a real estate empire in their own heads.

Many folks that fill out the "Find a Lender" form just want to talk to someone for educational purposes and are not interested in actually purchasing a property. Instead of reading one of the many books and podcasts BP publishes on the foundational elements associated with REI, they would prefer that I take 1-2 hours out of my day on the phone to explain everything. I'm a complete stranger. Although I'm happy to talk about REI (it changed my own life), the purpose of the platform is to facilitate financing, not to be a full time educator. This happens so frequently that changed my lender page description's first line to read, "SERIOUS INQUIRIES ONLY."

Dopamine hits. In the age of same day delivery and on-demand streaming, filling out a form gives newer folks a hit of dopamine and makes them feel like they are doing something positive in their lives. How do I know this? Well, I've done it myself and so have you, if you're being honest. "Learn to code and create a coding portfolio to get a $100k job in just 18 weeks!" Regrettably, I've filled out that form many years ago and ultimately decided that's not what I want to do with my life just 30 seconds after filling it out. When folks fill out the find a lender form that have not put in the simple research into what it takes to buy a house or investment property, the euphoria quickly fades and they go back to work and forget they ever filled it out.

New client inquiries from the "Find a Lender" platform keep coming in the middle of the night when I'm sleeping and cannot reach out immediately. I've set up a Zapier zap to text my phone whenever I get a new client message because folks are very impulsive (see above about wanting education and dopamine hits). The impulse and question they have quickly subsides once they get off of the BP platform and they go back to their late night cocktail, TV show, or go to bed and forget they even filled out the form. Again, many folks are just looking to talk to someone about HOW TO START investing in real estate instead of having a basic foundation of what is feasible - and they want the money right now. Often times, folks have little to zero income, little to zero capital, and want me to sell them the dream of purchasing real estate with no money and no job. I'll leave the dream selling to David Greene and Tom Cruz.

Fake leads. I've sent support a number of bots or fake leads with false information. 

Our job as lenders is to provide education for clients for THEIR SPECIFIC scenario, not to educate the population as a guru on why they should get into real estate investing. Folks will need to decide on their own if REI is right for them and have a basic understanding of how it works - it is very personal to them. I am not a guru or a podcast host, just a resource to help you carry out your plan

Quote from @Jason Stoner:

Here's the problem. You claim they are bad landlords, but you insist on staying. You want to keep paying cheap rent but get an A-class rental in exchange. Sorry, but if you want cheap rent you can expect cheap services.

If you're serious about investigating or filing charges, hire an attorney.

Norada is one of the largest and successful turn key Brokers in the US.. so equity in the company is probably a very good thing while they shore up whatever it is they need to shore up.

Quote from @Calvin Thomas:

It's fine for training and networking, but, you will most likely not receive many clients from it.  Potential clients do not know of NARPM; and their site is geared towards building membership, not necessarily referring potential clients to it's members.  I've been developing and managing our buildings since the late 70s.  I've only heard about NARPM here on BP; which isn't saying a lot.

 NARPM is geared towards residential PM not apartment buildings. That's IREM.