All Forum Posts by: Colin Zhu

@Brian Freeman Please let us know if they are able to meet the deadline. If you have to take legal actions, then I may follow suit (hehe).

If you don't mind me asking, have you personally seen the properties or have had third-party verify the conditions of the properties? 

@Joel Owens Yep, great advice. Hard lesson learned for us. Definitely cannot trust the hype and must send out third-party inspectors.

Quality over quantity applies very well here.

OK, I have some major updates regarding my investment with MI.

I had an inspector go out and take a look at it during construction and he found MAJOR problems ranging from possible asbestos insulation being airborne, lead-based paint cracking, cracks in the foundation and crawl space, old knob and tube wiring, moisture and mold issues, roof shingles replacement, and loads of other issues.

Rather than talking about them, I made a playlist of the inspection here: https://www.youtube.com/watch?v=aR2_h9onvFQ&list=P...

In order to fix all the issues, it could cost more than what I paid for the property itself. This is crazy.

@Jay Hinrichs

@Ian E.

@Todd Burton

@Son D.

OK, I have some major updates regarding this property. 

I had an inspector go out and take a look at it during construction and he found MAJOR problems ranging from possible asbestos insulation being airborne, lead-based paint cracking, cracks in the foundation and crawl space, old knob and tube wiring, moisture and mold issues, roof shingles replacement, and loads of other issues.

Rather than talking about them, I made a playlist of the inspection here: https://www.youtube.com/watch?v=aR2_h9onvFQ&list=P...

In order to fix all the issues could cost more than what I paid for the property itself. This is crazy.

@Ned J. Yah, I'm learning a lot about that now, after the fact, unfortunately.

I will definitely fly out next time before I invest in anything OOS. 

That seems to be the case from my digging as well. Blue Sky is actually owned by him and Natali. I am getting an average email response time of about a week and I can always speak with someone on the phone if I do need to call in. While it's still too early to tell how things will turn out, I will have to say that it is at least trending in the right direction.

-Colin

@Son D. is your PM company with Oceanpointe/Boardwalk or Blue Sky?

I'm also scheduling for my own inspector to go out there during rehab to try and catch things early.

@Jay Hinrichs I would love to do that. Do you have advice on how one would actually do it while being out of state? Should I just find an inspector and have them coordinate with the PM company for the inspection? Are there companies that will handle all the logistics for me for a fee?

-Colin

@Jay Hinrichs we're quickly approaching the 2-month mark since our close back in Feb 14th and I haven't gotten any significant updates from them yet other than they kicked out some squatters and have finished with the demo phase and are putting in electrical/plumbing.

I was able to get in touch with them last week and they're supposed to give me a status update this week. I will call them on Wednesday if I don't hear back from them.

I've also found someone on CL to take photos for me every 2 weeks to track their progress. So far, the exterior looks untouched. I'm getting more photos tomorrow so we'll see if there's any more progress.