All Forum Posts by: Dave Fontana

I own 60+ units. I have several units rented to voucher programs. Including section 8. It's very easy. I would go online and check it out. In the Boros the New York City Housing Authority (NYCHA) and the Housing Preservation Development (HPD), run the programs. It is a simple process. Just follow the rules and guide lines.

CL,

There is a company called the  American association of private lender. I found some one on there. 

Good luck!

NY. Title company runs title, and issues title insurance. The buyers attorney orders title.

It is a time share for week 10. Which is possible the 2rd or the 3rd week in March. What can your rent out for that week. There might also be a maintainace charge. I have a marriott time share my maintenance is about 1k a year. So you could be into this deal for $2400.00. 

Maybe not such a great deal??

@Debbie Lee

 After hearing more about this company. I think a call to the FBI would be appropriate. The fact that the first sales person took $4500.00 and than disappeared?? This is defiantly a boiler room type of situation. The second salesperson took 35K and now they're asking for another 15k. I would go to the local FBI office first thing tomorrow morning. They might be able to get this this group, and possible get you some money back.

Going forward, Bigger Pockets is you best source for real estate education, lots of people will mentor you and its free. 

Again, sorry to hear it!! Good Luck!!

Debbie, 

Sorry to hear it!!

How did you pay them? I.E. Credit card,  bank check, etc??

Try the State of Illinois Attorney General and the you local consumer affairs department.

Also , I'm curious, what or how did they change. It's common for a salesperson to over promise and the company under deliver. No doubt, there must be some buyer remorse, after seeing the gurus system. 

I hope you share the gurus name. It is criminal to charge so much.

@Joshua Lester

I think its a great time to jump into the Charlotte market. Its not too late. There are some great wholesalers there. There is also opportunity for great mls deals. 

Keep looking!!

Good luck!!

If its an easy conversion i don't see the problem. I see a lot of deals like this in reverse. A 1 family being used as a 2 family. That is something to stay clear of. 

It a good idea. 

Just find a person that is managing SFH. My PM in Charlotte manages 450 Home. Its a no brain-er for me.

Joey,

I was a building contractor for  25 years. I WOULD NOT FIRE HIM. By firing him your letting him off the hook. First off, the engineer he hire is hopefully, licensed and insured. I would assume that the contractor himself is licensed and insured. 

I think you need to have a list of corrective made up by your engineer. The contractor needs to do the corrective work under the supervision of your engineer, at his own cost. Cost of engineer supervision and construction. At this point he either does the work or he quits. He'll most likely quit. 

Now, you have a very solid claim against him. Defective work, abandonment and breach of contract.

Him quitting after he screw everything up is much better than you firing him!!

Than, you can go after the contractor and his engineer.

I have never seen a building that was un-repairable.  I love to build condemned buildings. There the best deals and can always be fix. I have done 3 in the last 4 years.