All Forum Posts by: Colin Zhu

@Jay Hinrichs I have been cruising the BP forums for a year or so now and went Pro not too long ago.  I was like a lot of the victims of MI, I got sucked into the youtube videos, podcasts, websites etc..   thought "I should really check this guy through the BP forums before I write this check in the next couple of weeks".  I just never wrote that check and it was because of you.

I wanted to say a BIG THANK YOU Mr. Hinrichs, your post's and straightforward analysis (shouting from the mountaintops) about MI FORCED me to reevaluate this investing option. I am young and new to REI and almost fell right into the pit. Your experience, something you speak of often, is an invaluable tool for younger people like me to get behind.

"A smart man learns from his mistakes.  A wise man learns from the mistakes of others"

Not to pile on, but I wanted to share my experience with MI. I'm doing very well financially and may retire in a few years. I'm a newbie to real estate. Got hooked on MI youtube videos after reading Rich Dad Poor Dad and seeking knowledge in real estate via podcasts, biggerpockets, etc. I purchased a home in Indy last January via MI for just under $50K cash. Was told rehab should be done in 90 days (it's now been 4.5 months). I dove into the deal without having done due diligence because frankly I was just excited to "start earning that passive income" and it all seemed pretty straightforward. Sent a few polite e-mails inquiring about status starting a couple months ago. The replies were delayed, sporadic, and very vague. As of about two weeks ago, the responses stopped altogether. The property management company I'm working with is called Blue Sky (blueskyteam.net). A lady named Becky sent me the agreement forms awhile back which I signed and returned. I e-mailed her a few days ago and received an undelivered message, because that e-mail address no longer exists. I called Blue Sky on the phone and spoke with someone who said that Becky was out of town and I should speak with Morris Invest about the status of the rehab. I left my number but haven't received a call back.  They were courteous but after getting what I perceive to be the run-around and no idea what's going on, I need to consider options. Any advice would be very welcomed. Don't worry about being blunt, I know I screwed up. :)  At this point, I own the property (have the recorded warranty deed), and I just want to rent it out, even if it's for a small amount.