All Forum Posts by: Christopher Stevens

Does anyone know how we can write this investment off to help reduce our tax liability? Can we obtain a special form or document to show the loss?  

😂 I wish I was on their payroll. Then, at least I’d be getting some money monthly. No, I needed cash flow since I lost my job and invested. I invested because of their long-standing reputation. I knew the risk was high. This was a good lesson for me and I hope to recover some of my investment. If not, I’ll write it off as a loss. Win some, lose some. It’s best to channel energy towards the future and not dwell on negative things. 

Best wishes and good luck to all! 

 100% correct, Chris! Well said. 

Let me clarify. I do know the last mass communication was 9/16 and that Marco promised communication every 2 weeks. Lots of promises have been made and not delivered, but the best thing we can do is be patient and let them do their best. That’s the best chance we have at potentially recovering from this. Negative posts and lawsuits are like chopping off your nose to spite your face.

I’ve respectfully reached out and asked for an update. Here’s what I received from his assistant, Kathy, on 10/23:

Hi Chris- I am helping Marco go through his emails and responding as best I can. Per my recent conversations with Marco, he is working with a financial adviser and counsel on a restructuring plan to repay Norada Capital's noteholders. The process has been and continues to be very time consuming as counsel is conducting due diligence, and has requested and is assessing a substantial amount of information. He anticipates being in a position to provide a substantive update in late October or the first week of November.
Thank you for your patience and continued support. (End of response)

Clearly it’s past that timeframe, so I’ll reach back out again soon. Let’s keep in mind, Marco and his team are people and they’re doing their best. They are husbands, mothers, brothers, sisters, etc. They didn’t create Norada to be scammers and crooks. For well over a decade, they helped many investors grow and they had a great reputation. Let’s give them time to figure this out. That is our best chance at recovery. Send them a kind message of encouragement and gratitude. Ask them what you can do to help. If we all pitch in and provide support, even if it’s just to say a kind word to them, we have a better chance of winning!

Best wishes and good luck to all in your investment journey.

Good points! I didn’t know that. Thanks for sharing. 

It's been five months since this thread started. I'd like to point out something: Marco and his team at Norada have been communicating with its investors. If they were scamming people, they'd be ghosts by now.

Let's help them figure things out and see where things land.

Good luck, all. I'm invested, too, but I believe in Marco and the Norada team. If I'm wrong, then so be it, but let's give them some time to get things in order. 

Likewise! Keep me posted on your progress. I love to see what others are doing and what’s working for them. We can all work together. 

Hi Kevin, 

This property has been one of my best so far. It's not cash-flowing the most, but the renter has paid on time, and it's been smooth sailing. Hopefully, it stays that way since I've had a lot of challenges with all my properties in Arkansas. Let's just say I won't be buying in AR again anytime soon, most likely. That's mostly because I don't want to be too heavily concentrated in one area, but partially because it's been rough. One was an eviction, and the other was tenants leaving in the middle of a lease. Plus, there was lots of damage in a short period of time from those instances.

That's okay because I have great support from my property management company, PPMG. Without them, I don't know what I'd do.

Good luck with your portfolio. I'll be completing a book (later this month) titled Turnkey Real Estate Investing. When it's done, if you send me your email, I'll send you a link to where, for a limited time, you can get a digital copy for free. I want to help as many people as possible to get to where I am and beyond.

Thank you for posting. 

Christopher

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $190,000
Cash invested: $69,225

Contributors:
Taz Zettergren, Chris Clothier

This home features 3 bedrooms, 2 bathrooms, a driveway, 1,140 sq. ft., and a single-family detached garage, built in 1989.

What made you interested in investing in this type of deal?

I couldn't let this deal pass me by! This property checked all the boxes. It's my 5th property purchased from the great turnkey company, REI Nation. Now, I'm part of the "WOW!" group. In this group, you get many exclusive benefits, including a discounted management fee rate of 9% on all properties managed by PPMG, plus the $250 application fee for new applications is waived.

This property will be one of my highest cash-flowing properties.

How did you find this deal and how did you negotiate it?

I searched here https://www.reination.com/property-listings to find the property. Then, I reached out to the great Taz Zettergren and inquired about the property. Within 20 minutes, Taz sent me the details and photos - this guy is the BEST!!! After a few emails with Taz, at 10:24 am, we locked down the deal with $3,000 in concessions (property management fees) and some other details that helped us both move forward on the deal. We had this deal locked down in less than 24 hours!

How did you finance this deal?

This was easy, too. REI Nation has special lending partners who know how to close these deals fast—we closed in 29 days. Plus, the seller paid down the rate to 5.5%!

How did you add value to the deal?

I wasn't looking hard for deals, but this one popped out. After a few minutes of analysis, I knew I had to find a way to make this deal work quickly. After doing four other deals with REI Nation, I learned a lot and applied what I learned to help close this property quickly. The quicker we close, as long as everything aligns right, the better it is for all involved. Plus, I'm adding value by posting this information to help others.

What was the outcome?

We closed on the deal in 29 days, and I'm excited to have my 5th property with REI Nation - the best turnkey real estate partner in the business!

Lessons learned? Challenges?

My biggest challenge with this deal was finding the money to complete it, but my wife and I made it work.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I highly recommend REI Nation. More specifically, Taz at REI Nation is a great place to start. My book on Turnkey Real Estate Investing - Simple Concepts to Overcome Analysis Paralysis and Acquire Your First Rental Property in 29 Days (this title is a work in progress) should be released before the end of October. I talk a lot about REI Nation and how they've been my fantastic partner over the past year - they are a one-stop-shop and have helped me through some challenging situations.

Hi BiggerPockets readers and professionals, 

Can anyone advise shifting investment properties from my name and my wife's names/SSNs to the LLC I created?

When I started purchasing more investment properties, it was easier to buy them under our names and SSNs. However, I need to find the easiest/fastest way to transfer them to the business so I can separate the investment properties from our personal finances and have the business separate. 

Any ideas or suggestions? Thanks!