All Forum Posts by: Eric Jacobs

What type of property are we talking about?  I may be able to assist.  

The OZ program is designed to bring capital to areas where it would not otherwise be.  It does not attract capital to the areas that would have been experiencing a bull market in RE.  It is a master stroke designed in part by (I can't remember his name) a tech visionary (Napster, Facebook etc..) and Senator Kaine.  The timing is perfect.  

My office is down. The street from this property . Where in the world are you getting this ARV from ? You must be looking on the wrong streets (i.e. pinetree) bc this figure is way off for that property

Hi Ross.  Please send info re the above.  Thanks

I never understood MHP to the point of feeling I could gain any competitive advantage so I stayed away but I’ve always been interested due to what you described above... I live in S Fla so unless you gamble, just want management fees or are happy to park money... buying MF is not really happening ... right now it’s about waiting for nervous developers to capitulate in bulk or making deals with the loan to own lenders last in the door 

@Jay Hinrichs that’s funny.... I was just telling someone I work with today how much I prefer lending sometimes ... 

@Jay Hinrichs  At last I have to say I respectfully disagree.  Your approach of just hauling their stuff out only has to go wrong once.  I have been on the tenant side more than once and all the asset protection devices in the world do nothing for you if you are the guy who had to sell his warehouse to pay my attorneys’ fees judgment.  Having said that some jurisdictions are more landlord friendly than others which is why people ought to get their legal advice from lawyers not BP.  

Um.  What are you doing?  Mistake # 1 having in depth personal conversation with your tenants.  Do you think  McDonalds wants to chat with the person in their drive through about how hungry their kids are and why the fries should be free?  Mistake # 2 tolerating any delay.  If you don’t immediately take steps to let a tenant know you are not playing around, they, like children, will continue to test your boundaries.  Mistake # 3 seeking legal advice on BP when for a few hundred bucks, you could be on your way to having a lawyer advise you and kick these tenants out.  You are ruining a business not a therapy hotline.  Whatever is going on in their lives is irrelevant to your return on investment.  Think about it like a business, set it up like a business, treat it like a business, earn money on it like a business.  That’s it....that’s the secret formula....good luck....

Don’t rush to drop the price.  If you did your DD and knew what you were getting into then your first thought should be to test the efficacy of the property manager not all your DD.  Secondly, I don’t like lame excuses and a PM that is complaining about being stood up sounds like she isn’t doing a very good job of qualifying potential tenants. You may be lucky she hasn’t found you one yet I can only imagine what a tenant he/she procures would be like.  You may want to talk to some other property managers.  You might get very guerilla style and either “secret shop” the place and see what happens or put an ad in CRAIG list yourself and see what happens.  If all of that fails,you can look at adjusting your price but if you got that wrong, and you only just bought the place it would make me wonder how well this was underwritten from the start. Good luck 

have him reach out I may be a buyer or can intro to top agents in the area