All Forum Posts by: Darren Berg
Darren Berg has started 4 posts and replied 14 times.
Quote from @Account Closed:
Quote from @Darren Berg:
Quote from @Account Closed:
Quote from @Darren Berg:
I started in a partnership 3 years ago. I was the money man and a seasoned REI guy was going to be the operations. I have gotten all my money back in refinances from my initial investment, but my partner is not fulfilling his end of the deal. One of our properties is going into default and my "partner" won't pick up the phone or respond to a text message.
What is my recourse here? I am assuming it would start with a lawyer. Please let me know any tips
Your comment: "One of our properties is going into default"
Whose name is on the loan?
If your name is on the loan, you pick up the phone and all the lender and find out what is going on.
Why is it going into default?
Is someone not making the mortgage payment or is there a violation on the loan?
Have you gone over to your partner's house?
Is he healthy, in the hospital, in jail, in Brazil?
I help sort out these kinds of issues.
But, you've got to act now, this isn't the kind of thing you wait on to improve, it only gets worse.
In our LLC, but I am personal guarantor
Why is it going into default?
No payments since July 2022
He has moved out of town and doesn't answer calls and only texts here and there.
Thanks Mike!
Quote from @Account Closed:
Quote from @Darren Berg:
I started in a partnership 3 years ago. I was the money man and a seasoned REI guy was going to be the operations. I have gotten all my money back in refinances from my initial investment, but my partner is not fulfilling his end of the deal. One of our properties is going into default and my "partner" won't pick up the phone or respond to a text message.
What is my recourse here? I am assuming it would start with a lawyer. Please let me know any tips
Your comment: "One of our properties is going into default"
Whose name is on the loan?
If your name is on the loan, you pick up the phone and all the lender and find out what is going on.
Why is it going into default?
Is someone not making the mortgage payment or is there a violation on the loan?
Have you gone over to your partner's house?
Is he healthy, in the hospital, in jail, in Brazil?
I help sort out these kinds of issues.
But, you've got to act now, this isn't the kind of thing you wait on to improve, it only gets worse.
In our LLC, but I am personal guarantor
Why is it going into default?
No payments since July 2022
He has moved out of town and doesn't answer calls and only texts here and there.
Quote from @Doug Smith:
@Darren Berg, where is the property located? Where is your entity domiciled (what state), what typed of entity is it, and what are the ownership percentages? Unfortunately, I'm run into this myself and I've seen it time and time again with clients. I would need to understand more including the above questions before I could belt out an answer.
Cleveland, Ohio. Ohio. LLC. 50/50
I started in a partnership 3 years ago. I was the money man and a seasoned REI guy was going to be the operations. I have gotten all my money back in refinances from my initial investment, but my partner is not fulfilling his end of the deal. One of our properties is going into default and my "partner" won't pick up the phone or respond to a text message.
What is my recourse here? I am assuming it would start with a lawyer. Please let me know any tips
I started in a partnership 3 years ago. I was the money man and a seasoned REI guy was going to be the operations. I have gotten all my money back in refinances from my initial investment, but my partner is not fulfilling his end of the deal. One of our properties is going into default and my "partner" won't pick up the phone or respond to a text message.
What is my recourse here? I am assuming it would start with a lawyer. Please let me know any tips!
Post: Estoppel Agreement - Need some ADVICE!
- Posts 16
- Votes 4
Quote from @Caroline Gerardo:
Ledger is of no worth. You want proof of deposited payments in a bank account.
It is a large property management company, I will follow up for bank statements.
Post: Estoppel Agreement - Need some ADVICE!
- Posts 16
- Votes 4
Quote from @Colleen F.:
@Darren Berg estoppels confirm lease terms deposit. Prepaid rents,and possibly ownership of things such as appliances by tenant. Intro letter includes who to send rent to.
Boom... intro letters clears up some of my confusion! Thank you :)
Post: Estoppel Agreement - Need some ADVICE!
- Posts 16
- Votes 4
Quote from @Nathan Gesner:
Quote from @Darren Berg:
The estoppel is a form filled out by the tenant, then confirmed by the Landlord, then accepted by the Buyer. It's supposed to ensure there are no surprises after closing. For example, I often see Buyers purchase property thinking there is a $1,000 deposit but then the tenant claims it was actually $2,000 because they paid the last month's rent. How will you know? An estoppel certificate fixes this problem.
What you want is a Landlord introduction letter. This letter introduces you as the new owner. I include written instructions for payment, reporting maintenance, and how the tenant can communicate with me. I like to hand-deliver it and set an appointment for my first inspection so I can start documenting the condition of the rental from that point forward. It's also an opportunity to get to know each other, identify maintenance needs, or answer questions.
The Landlord introduction letter is $$$! Love that idea and it makes so much sense. Thank you.
Post: Estoppel Agreement - Need some ADVICE!
- Posts 16
- Votes 4
Quote from @Alison Brenner:
Awesome, thank you!
Post: Estoppel Agreement - Need some ADVICE!
- Posts 16
- Votes 4
Quote from @Caroline Gerardo:
I worry way more about IF they will pay than to what address. What proof do you have they have made the past 12 checks on time?
I have the ledger from the property management company, that is good to go.