All Forum Posts by: Frank Perkins

Opportunity to buy this one before it goes on the market. 811 York St #206 in Oakland. 376 sq ft studio condo on the 2nd floor overlooking the pool. Secured parking in a good location just a few blocks from the Grand Lake Theater, Lake Merritt and Piedmont. Inspection reports are pretty clean. Make us an offer to get a discounted deal before we spend any money painting and whatnot to go on the MLS.
Contact us at [email protected] for copies of the inspection reports and the virtual tour.

Perkins Realty Partners

DRE #01396369

Unfortunately I won't be able to attend this one.  Do you think you will have another next month?

Thanks,

Frank

Thank you Nina, very informative!  I was surprised to see more people have not been asking these questions on the forums.

Hi Michelle, It’s absolutely lawyer time and you should talk to a RE attorney before you speak to that partner again. The attorney will need to read the agreement between the investors. Even if the agreement permits this partner to place new liens on the property, which it likely doesn’t with out collective permission, the other 5 investors have a legitimate civil suit. There is also likely a legitimate claim against the title insurance company. After all, that’s what title insurance is for, to guarantee clear title. I’m no lawyer and your next phone call needs to be to one. My guess would be that if your operating agreement doesn’t allow this investor to add a lien to the property, through the legal process a judge would lift the lien off of your property and that would violate this new loan calling it due. This rogue investor is not going to be able to pay it, and they start to foreclose. Then the lender is going to sue the title company for screwing up their title report who will pay based on the title insurance policy. Somewhere in here this rogue investor/broker needs to be relieved of his/her management duties of your property and the management is turned over to someone else. Then you either try to or through the legal process try to force this investor to be bought out so nobody has to deal with them again. On behalf of a client, I successfully sued first American title for $140k over a property tax assessment that they missed on their title report. Placing a lien or deed of trust on a property that this investor does not have clear title to without the other owners consent should be easy to see who’s at fault. Unless of course your agreement doesn’t prevent that and they did not collateralize more than their share. In my non lawyer opinion, of course.

Hi Reggie,

[email protected]

Thanks!

I'm looking for a hard money lender or private lender that will lend on a multiple property SFR rental portfolio in Tennessee. The individual assets are below $50k, combined total would be more than $400k.

Thank you BP Community!

No worries Dustin.  My advice would be to befriend or partner up with someone who is a Realtor in the area you are looking.  Unless they are a personal friend of yours they are not going to want to dedicate a ton of time to doing research if you are just speculating.  You should do your own research through public sites like Zillow or Trulia or Realtor.com to try and find something you think will work for what you want to do.

After you have identified a property then you can ask your Realtor partner to dig into it a little deeper for you and see what is on the non-public version of the MLS, often times there is nothing significant there other than showing instructions and the occupants phone number. Also be serious, don't waste their time doing research if you are not willing and able to purchase a property if the numbers work out. Every agent has had tons of people send them on wild goose chases looking for a unicorn deal only to find out they aren't able to purchase it anyways. When I was a new agent I fell victim to that far too many times!

Hi Laquel,

If you are still looking, you should try my friend @Michael Koenig

Hi Dustin,

The properties listed for sale by a Realtor on the MLS are all on the internet. They get pulled through on the back end and show up on Zillow, Realtor.com and any other website where you see listings for sale online. What you are seeing on these sites is the public version, it does not contain the confidential remarks that are only available to Realtors or any documents that are attached to the listing such as property disclosures and inspection reports.

I wouldn't advise getting a real estate license just so you can have access to the MLS, there are easier ways to get that access. I also wouldn't necessarily advise you to get a real estate license in order to learn the business of being an investor. Getting a real estate license is going to take you a lot of time and headache and teach you to how to pass a state standardized test and avoid going to jail for legal violations, thats about it. People really learn the real estate world after they get their license and start working at their brokerage.

You don't have to have a real estate license to be a real estate investor, and most people who invest don't.

Hi Jesse,

Will you lend on a multiple property portfolio purchase where the individual assets are under 100k, but the entire portfolio is much more?

Thanks!