All Forum Posts by: Dennis Santa Paula

Thanks Jeff. Very clear. I guess what's driving me to put it in the LLC is the liability risk. It seems best course of action is to have a decent liability insurance. I have always been under the impression that most of investors would actually use LLCs. That's what I learned when I bought my first properties a few years ago with cash. Never had to deal with loans before. Thanks for your comments.

Hi, I'm looking to buy a fourplex near Tampa in Florida. I'm having hard time to find lenders that would lend to an LLC. My mortgage broker suggested me to take the loan and then do a quitclaim deed to the LLC. Can anyone please share any experience on doing this? Any suggestions? Thanks a lot

Thanks for your comments! I got the property back and renovated it already. Will sell it now. What would you say houses are worth over there? Thanks 

 Would you recommend someone to file a suit? Thanks 

Thank you all! Clearly property management pro only has pro on their name. I’ve been struggling with this property since i bought it. It’s located at 3227 Belmont avenue. If any investor interested to buy i would not mind taking a hit. Just want to get rid of this property/market. Thanks 

I have a property in Baltimore that tenant has not paid in over 12 months. My property management company, Propertymanagementpros has been working the case for 12 months but as of today nothing has happened. Can't really get any update from them. Is there anyone who could work this case, evict the tenant and sell the property?

Thanks,
Dennis

It seems there are several investors unhappy with ABC Capital Investments led by Jay Walsh. Have read similar issues among all different investors. We should get together and decide on the best action to get our money back.

I bought 3 properties from them in 2017 - 2 in Baltimore and 1 in Philadelphia.

They breach contract all the time (one example is that you are supposed to do an inspection before they charge you the last 5K but they simply deduct it from your guaranteed rent) and do not keep you posted on what's going on with your property. Delays to finish construction and to place tenants.

I was able to sell 2 properties back, even though got paid way less than what they sold them for but my last property I simply do not know what's going on since April, when the 12 months guarantee rentals period finished. They told me there was going to be an eviction but never provided any evidence or let me know where the process is.

I have several other issues where they breached contract. If anyone is interested on a joint effort, please reach out.

Jay,

Would you bother to come here and comment what's going on with my property in Baltimore and the 5K you deducted from me and never paid back? You mentioned there was going to be an eviction but never showed any proof neither told me whether tenant has been removed. I have not received rent since April and have no idea what's going on with my property. Lots of unhappy investors with you, please share your comments here. Thanks

Austin, avoid this company at any cost.

Do not buy anything from them, it's the worst turn key provider I've dealt with. They breach contract, I'm desperate trying to find a lawyer to sue the company.

Below are the issues I have had with them: 

1- They sold one my houses in Philadelphia for USD 146K but only paid me 94.975 – I authorized them to sell the house for a minimum of 94.975 but not to pay me less that what they sold it for

2- They sold another house in Baltimore for USD 104.780 but only paid me 89,448.20

3- Only the difference between what houses were sold and what I received is USD 66,356.80

4- They deducted USD 5K from my rents in January without giving me the opportunity to do a full inspection in the house as agreed in contract. They have never paid the 5K back

5- Our property management agreement states that it’s required a 90 days written notice to terminate the agreement. One day, they simply asked me to deal directly with another property management company in Baltimore which by the way has never responded to any of my e-mails or phone calls.

6- Our property management agreement says they have to pay rent by the 25th of each month which they have done only in the first couple months, after that it was always delayed and only paid after several follow ups.

7- They sold their company as a turn key provider where investor would not need to do anything to manage the properties. I have spent more time following up with this company and their team than managing all my other properties.

8- Their marketing material says they would buy the houses back if it’s not worth their expected appraisal amount

9- Houses in Baltimore were sold to me as section 8 houses – they are now saying tenant is not paying

10- I have not received payment for the last house in Baltimore since April. They mentioned tenant was not paying and they were going to evict but never provided any proof or details. They simply do not respond emails.

The worst part is that they do not respond emails or address any question, their client service contact is a nice guy who does not know anything and rely on Jay Walsh for information but he never responds.

I'm looking for a real estate attorney who can support me with an issue with a turn key provider in Baltimore, MD. Would appreciate recommendation from investors who have worked with any attorney.

Thanks a lot