All Forum Posts by: Jeff Deville

Hi all, this is an older thread, but @Huiping S. and @Jeff Copeland both had some critical info on what they thought of Apollo Beach generally. I'm curious if that's changed or not. My wife and I are looking around the country for vacation rentals, and some of the purely financial evaluations from AirDNA looked quite positive.  Looking to have cold water thrown on us before we decide to take a trip down.

I always wondered why so few people followed up on their threads. Just realized it's because BP doesn't auto-subscribe you to replies. Sorry all.

Not too much else to report re Anchor yet, though.  

@Joe White

@Joe White - I see you are doing property management in town. By any chance, do you have a network of people who could be trusted to do rehab work in the city?  I'm trying to figure out what to do next, and I just don't know where to go for dependable rehab w

Yeah, Jay is an ***. Kinda funny watching how different his tone is on BP than it is in the emails you receive from him when he thinks he's the one in control of the situation.

I messaged you directly, @Catherine Stevenson, but my wife and I have a great local attorney who is now familiar w/ his shenanigans. If anyone else needs his info, please PM me. I'd certainly like to help spread a little more pain back his way. He gives in once you push hard enough, and he's aware you've lawyered up.

Also, never EVER use Maverick Investments https://maverickinvestorgroup.com/ We'd heard ABC might be a challenge, and so we chose Maverick because they said they'd have our back. Phil at Maverick has been utterly useless. At one point, Jay told Phil to just stop contacting him on our behalf. He did, and from there out just pushed back on us instead. We asked Matt Bolles at Maverick to help, and got absolutely nothing from him, either.

Good luck!

My rental from ABC Capital has been transferred to this property management company. So far, they seem pretty good, but I was wondering if anyone had any other experience with this team.

And yes, ABC Capital is awful. So is Maverick Investing, who were utterly useless helping us with ABC.  I'll add my story (which reads much like everyone else's) shortly.

Thanks for the input, Chuck, Sue. My lawyer seemed to be worried about them declaring bankruptcy, and escaping the judgment that way. I suppose you're right in that eventually, I should be able to get out of the mess, it just may take a lot longer than I'd prefer. I'm really hoping to be able to get them to sign a second mortgage or something that is more easily enforceable, perhaps even against his personal residence. I don't think my lawyer has much experience in this area though, so it's been hard to collaborate effectively.

I'm curious what options I have legally for this situation:

I lent money for the purchase of a property. That loan was secured by a note only (yeah, I know. But this was my first deal and I didn't know then). The intention was that this was a bridge loan until the borrower could get a mortgage to pay it back. That's happened now, finally, but they weren't able to get the mortgage for the full amount owed. It always takes forever to get a response from he and his lawyer.  We know they've got the mortgage, so we should be able to get the bulk of our money back, but we want to know what we can do to maximally secure the rest of the investment, now that a new agreement is required anyway.

The plan was to get a new note and a mortgage on the property for the remaining balance. However, now this would be a 2nd position mortgage. Whats more, the courts in NY state have been awful in terms of being excruciatingly slow as well. 

Does anyone have any suggestions on what we should negotiate for that would allow us to collect what's owed immediately, but also put us in the best conceivable position to get the rest of our money back without another extremely long, costly court battle. 

Our next court date is Thursday morning, so I'm trying to be as prepared as possible before then.

I am trying to choose between a number of different markets in which to invest remotely, and figure it's a good idea to start keeping tabs on the economic state of the area. Does anyone have any recommended blogs/journals/etc that would provide the data in as concentrated a form as possible?

Depending on how much there is, I was considering having a VA condense it all for me every few days. Any thoughts / suggestions / recommendations there would also be appreciated

Thanks @Marco Santarelli! Sorry for the delay, just catching up now. Subscribing to the podcast now. I'm getting a lot out of your bullets regarding the various investment markets as well.

I don't suppose there's anything more you can say about your 'dealgrader'? It's an awesome idea, but its formulation is a little too opaque to have a lot of confidence in based only on: http://www.noradarealestate.com/DealGrader/

@Marco Santarelli - I'm just starting to get into researching turnkeys. Thank you for including that table of data. It's very instructive. I was curious about the Maintenance Reserve and Vacancy Allowance

These both start at 5%, and go up just a bit each year. I was wondering how you came up with this schedule, and what it might look like 20 years out, as larger items come naturally due for replacement for maintenance, and why over time you assume that vacancy allowance will climb in the same manner?

@Marc Faulkner The bullets that are now on the Biography.aspx page are probably what @Ryan Camenisch was thinking.  (I agree w/ him, for what it's worth).