All Forum Posts by: John Pruner

I'll stop posting on this thread henceforth. Thanks for the thoughts.

I asked him about boarding up the house but he thinks that any vandal/burglar would have a pry bar and get in anyway. He thinks boarding it is more an invitation than a help.

Oh, the guy sleeping in the house ran off when the crew arrived in the morning - he couldn't catch him to explain that he'd be willing to buy him some groceries etc if he'd keep an eye on the house.

The JV partner took a crew out the the property today. These are the things he said he did.

He said the guy he'd paid to mow it lived 2 houses down and his house burned out. The guy is gone so that's why it wasn't getting mowed.

He said he would find someone else in the neighborhood to do the mowing. He wants to spend the money in the neighborhood to get eyes on the property. He also walked around and talked to all the neighbors to get them to watch the property.

He found a guy sleeping in the house. He left his card with neighbors and asked them to give the guy his phone because he wouldn't mind paying the homeless guy to sleep on the property or watch the house.

He replaced the broken window but left it unsecured because he doesn't want anyone to break it to get in.

He mowed the lawn. He says he'll be out there every week and keep it mowed.

He put on a new front door with locks.

He bolted on the back door and installed a new lock.

He installed a deadbolt on the front security door.

He did some roof repair. He cleaned out the gutters. He's going to bolt down the trap door from top floor into basement and remove attic ladder so vandals can't get into attic. He's going to install a fence/gate between front and back yard so someone can't get a truck into back yard. He said he put 8 inch bolts through door frames and later he'll grind them down to finish them.

He's going to send out electrician to do rough in wiring at end of next week then once he gets the money together he'll do full wiring with inspection, then finish walls and floors and get a tenant in.

He didn't say when he'd get grates/bars over windows. He left a voicemail for the inspector and will try to make the arrest citation go away by showing him what he's done to the house.

He will try to put together a buyout for me and leave me in a lien position on the house but a participant in the JV to take profit split if I want to be rid of liability on the house. I told him I'd need to have a lawyer look over it if he puts that together.

All of this is what he said. I can't verify any of it is true other than these photos. He said he spent the full day there today. He said he's committed to making this property a success and he hopes to get ahead of our timeline. I asked him to prove it by keeping up the momentum. He said his main snag is funding to get full electrical in but he will work on that and do it as soon as he can. 

I think Zillow data is just old/bad data in general. I find lots of problems with Zillow data. MLS I'm sure would have the correct data.

I like your advice Steve.

About the zillow listing I've already called that agent. It's not for sale by her.

There has been a lot of semi-shouting at me in the last page or 2 of the thread. I'm trying to have thick skin and take it all as constructive criticism. I have read and thought about everything that has been said on this thread. Please bear in mind that this isn't the only story of a failed investment out there. You might have heard a few on the BP podcasts that are much bigger than this one. I've heard a lot of podcast interviewers and guests say that their past failed deals were like paying for an education. I'm in this situation now. Thanks for your support, advice, and offers of help.

At this point all I care about is exiting this deal while losing as little money as possible. Do I wish I'd exited in fall of 2014? Of course. I mis-judged at that point. It hadn't been a year, it had been less than 6 months. My JV partner had been deathly ill from mold during the summer. He returned enthused and renewed. I should have exited right then but I bought the plan he laid out, in part because I didn't really know if I could sell the house, pay off liens, and still get my money out. I wish I'd tried.

But I can only go forward. I'm trying to figure out the best way to move on from here. Step 1 is to get the house secured and mowed. If the JV partner will "super" secure it great. If not I'll pay someone board it and mow it.

Step 2 is to figure out the court case and resolve it. I'll hire a lawyer at end of next week if I can't resolve it by then another way.

Step 3 is to get as much money as I can back out of the house. I'd prefer not to write off the $21k I have into it when doing this. I'm not sure what the best method to achieve that is. If the JV partner wants to structure a deal with a lawyer that I bring in that allows me to be removed from any liability on the house but have a lien against it then maybe that's a good way. If I can sell it to someone through a realtor then maybe that's a good idea. If I can get it fixed up and rented.....well that doesn't sound so good because I'd have to put more into it to get to that point. Thinking about it even more, perhaps just straight out listing it with a realtor end of story is the best option because then I can avoid legal fees.

 I understand your exasperation. But he told me that he spent all day on Wednesday in the hospital with his significant other who just had her 3rd stroke. He's got kids with her and he has to care for them. Could it be B.S.? I don't know maybe but I don't want to be inhuman here. 

What does it matter if he does this Thu, Fri, or Sat? Not that much the arrest citation is already written. 

He's also going to do more than board it. He is going to put bars on the windows drilled through the frame and put reinforcements into the doors by going through the walls and through the door frame. He's also going to install new exterior doors. 

If he just boards it I guess the vandal can pry those off easily? I am honestly not too sure since I've never boarded a house. But his "secure the house" plan seems like a better one than boarding. 

If he doesn't do it by Saturday then I pay someone to board it myself early next week....a member here has (amazingly) offered to do it and I'll pay him for it. If he does do it then I have a more secure house. I want to get out of this deal and any improvement made to it like securing it can only help that happen.

Yes, you are right - no permits. I just searched Rick. Thanks. I didn't even realize we could search this way.

Oh, and I want to see what a realtor can sell it for as well first. I'm not going to dive into a quitclaim. I'll get a lawyer and structure it so I have a lien for my investment. But first I'll see what it will bring on the market.