All Forum Posts by: Com M.

@Michael K. Smith I have been investing in the Montgomery market for about a year and would like to expand to other markets.  I'm located here in SoCal (Murrieta).  If you want any contacts or have any questions let me know I'm always happy to discuss real estate investing. 

I would be interested in multifamily in Birmingham or Montgomery.

I have been using T&H.  They are a corporate option but have been much better than the first company I was with.  Please make sure you check the google/yelp reviews of any company you decide to go with.  Keep in mind a good PM will have some upset tenants so you aren't looking for a "score" so much as just wanting to make sure any negative reviews aren't from property owners that concern you.

Learn from my mistakes, I wish I had done that with my first Indy PM. 

Best of luck with your rental properties!

Hi Ross,  I'm thinking of doing the same thing!  I'm currently investing in Montgomery but would also be very interested in meeting with a Birmingham team.  I will be flying out next month and would be wanting to meet with several agents, wholesalers, and contractors to setup relationships to get things moving. 

We should exchange info and once I have met with the people locally I would be happy to pass the contact info over. I want to keep any team that I work with as busy as possible.

Com-

Oh no! I have heard of homeowners doing the cement down all drains back in the foreclosure waves of 2008-2011 but I had never heard of a contractor attempting this! Mostly because all of the contractors and subcontractors that I know are worried about their reputations, insurance, and contracting license. I would change the locks, repair everything, and keep all documentation then file a small claims case against him. I wouldn't bother hiring an attorney because little is likely to come of this but you mention he started an LLC he might have taken out handyman insurance etc that if named might pay for this.

I would definitely tell the people that referred him, as well as leaving a review under his LLC and personal names on google, yelp, and the BBB. I would also contact the state licensing board.

The chances of getting money from him in court are slim, if anything the negative reviews, notices from BBB, notices from the state board, then the notice from the court will force him to come to you to pay the damages and go back to hiding under whatever rock he scurried out from under.  Even this has a small chance of working but coming at him from several sides at once might make him think you are far too much trouble to not just pay back quickly and get away.

SO LUCKY you are a local and this didn't happen to an OOS investor!! Other investors pay attention and make sure you never fire anyone with access to your properties.

+1 for the inspection!  Had an inspector in Indiana save me 17k and charged $175 for coming out.  Also after I receive the inspection and read it fully, I call the inspector and ask on the level what are the items they would most be worried about when buying this home. Not only do you get to go into the situation knowing as much as you can about this property you might also have a renegotiating point if there is a major area of concern or at least the ability to pull out before you lose your shirt.  =)

If you don't have a line on a good Inspector in that area ask for referrals here and in lieu of referrals use reviews but realize some of them can be bought and EVERYONE has some unhappy clients. I found my Inspector on Yelp in Indianapolis, very highly reviewed, and I felt just as so many others had about the work product received. 

I hadn't seen any of these and just posted a news article that went through my feed.  Can't believe it took them this long to shut this guy down! Over 100 investors connected most of this on their own using a facebook group and some google searches  ;)   

Really hope people are able to salvage their situations the best that is possible and recover what little they can from these guys.

What a mess! The guy ran off to avoid paying back on what he lied and stole from investors! 

https://www.newsweek.com/clayt...

@James Wise saved me the time of typing it up  =)    You can claim this but it will cost you the same amount out of pocket this and next year in premiums if not worse.   

It varies neighborhood to neighborhood, but you see rents between $2,250 and $3500.  The chance of finding something cashflowing would require you to buy at 70-80% market value and rent ready.  Almost everything in California will be negative cashflow on the standard 20% down deal.  The money is made in appreciation but holds a carrying cost.