All Forum Posts by: Joseph Gozlan

I don't know the man and have zero skin in that game but I read the article and I don't see a scam that hurts investors here...

"...Among those is Onofrio wiring funds from his company to investors’ accounts to temporarily increase their assets when they sought financing from banks. The funds would then be wired back to Onofrio..." - So he funded the investor's down payment? was there an equity share there? That's not illegal.

"...Onofrio would also lend funds to investors — a practice referred to as the “seller carry” — to help them complete real estate buys, but this was not disclosed to banks that financed those deals..." - Seller Carry is a crime now?!

"...Three specific wire transfers made to investor accounts between June 2021 and September 2021 are listed in the indictment to support the three counts of bank fraud Onofrio is charged with..." - and all that only happened 3 times total?! The headline makes it sounds as if he did that for decades.

In BOTH the above charges, seems like the disclosure duty was on the actual investor taking the loan, not on this guy. I don't understand what case they think they have there if these the main arguments. There might be a lot more going on in the lawsuit but all I have to go on is this article.

Again, don't know the guy, I didn't even hear the podcast you guys mentioned, I just think we shouldn't condemn the guy based on a clickbait headline and weak allegations that anyone that knows the business can call BS on... 

 As brokers, we also do cold calling and mailers. I do the following exercise with my agents the help them get the idea:

I pick a very personal item for them. Usually, a wedding ring (could also be a pet, a sentimental item they got from grandma, etc.).

Me: Can I buy your wedding ring?

Them: No

Me: I'll give you $1,000

Them: No

Me: $5,000

Them: No

Me: What if I ask you on a Tuesday morning

Them: No

Me: On a Saturday afternoon?

Them: No

Me: Sunday at church?

Them: No

Me: Monday between 1:31pm and 1:37pm?

Them: No

Me: What if I wear a fancy suite when I ask?

Them: No

Me: A fancy Suite, a Rolex and I'll arrive to the meeting in a Lambo?

Them: No

Me: Anything I cans say or do to make you sell it to me?

Them: No

Me: What if I showed you a picture of your spouse cheating on you?

Them: Then you can have it for free!

_________

The point of the exercise is to show that if the owner is not ready to sell, there's nothing we can do to say or do to make them sell but when the moment is right, they will sell regardless of who's asking. 

Direct mail, cold calling, warm calling, emails, none of these things creates an opportunity! They are designed to put YOU in front of that seller when the opportunity happens to THEM.

I also use this exercise to demonstrate that getting 10 "No" answers in a row has NOTHING to do with me so I shouldn't feel rejected or discouraged. 

Hope this helps!

 I know for sure that costar has some of it (not all data but a lot). I'm not sure about CRExi. 

As for cap rate comps, I'd highly recommend that you work with a local commercial broker that's knows the market well because cap rates have been moving really fast and all over the place in the last few months that looking at comps from 12 months ago or even 6 months ago can be deceiving!

 Don't want to break BP rules of advertising. I'll send you a DM shortly with the contact info. She's a broker in Houston and a great person to work with!

@Kristina Nguyen what asset types are you looing for?

If it's commercial, then we can help. We operate all over Texas. If it's residential then I might have a name for you of a local agent. 

We get multiple calls a week with these "lead generation" companies. I always ask them a simple question: Do you have a client I can talk to that's been working with you for 2 or more years?

They NEVER have anyone like that they can connect me with which tells you it's all just BS where they sell you crap and when you dump them for that in 2-3 months they just move on to the next new agent...

Andrew Cushman is great!

I'm a syndicator myself but when I needed to deploy my SDIRA money, he was my first choice.

You can find him here: https://www.vpacq.com

Brian Burke from Praxis capital is also top line syndicator! 
https://praxcap.com/

Try Calvin Roberts from Falcon Insurance Agency of Michigan. He was recently on our podcast (will be published in the next week or two) and was very knowledgeable insurance wise. 

direct: (810) 309-9475
agency: (734) 887-9110
www.falconinsagency.com

 For which asset classes? Retail? industrial? Do we really need a daily update on those?

It really depends on the asset type you're looking at. 

For Multifamily, Yardi is actually better than co-star in my opinion but is as expensive. That said, for multifamily, you don't need any of these tools for rent comps. Just go to apartments.com apartmentsguide.com rentpath.com etc. and search the area and you'll see all the asking rents in the neighborhood. 

For other asset classes in commercial, you'll have to get Costar or CRExi, I don't know of any free resource.