All Forum Posts by: John Gochangco

I'm in a 50/50 % Partnership with 2 other partners. I provided financing of over 200 k in 13 units in Georgia. My Other two partners owned the other fifty percent. One is cfo and other is handling the PM (where i feel the problem lies). In the beginning I was courted often to gain my money so they can acquire these properties. Now it is very difficult to get a meeting or response. I was in a real estate group and they had a very good reputation so I trusted it. It has been almost two years now without income and I feel the units have been mismanaged. For instance we had a unit that has not been rented de to a bad AC for months. We have been struggling to break even financially. After the first capital call i declined to provide further financing. Ireally want out at this point as when they pitched this scenario, that these units would self sustain and after a few months once we converted the units it would cash flow. These guys have many units they manage > 60 so im feeling our deal has been placed in the back burner. We have sold a triplex and havent had any details as to what we are doing with the profit? Like 25k. What should be my next step? Should I get a lawyer? If so can anyone recommend one so i can at least discuss my situation?

Looking to cash out refi on my rental property which has at least 60% equity. Quick #'s value est 435 owe 180 so makes sense to get that money and put it to work! Have any of you done this recently. My current is primary @ 3.85 % 15 year and just lost PMI so it's still a good loan. What would make sense if I can get a 30 year at or near that rate. Thanks for your input!

Thanks for sharing Andy! I too have a property in los angeles county and was interested of converting Garage to ADU. Has anyone done one recently in los angeles county? My property is in the san fernando valley are in Northridge.

I know this has been posted before. I live in a market (cali) where investing won't go as far as other states (had a few on my list) but had to chose one. KC seems to be quite successful for others so I chose it. Now I have the task of arranging a solid reputable team together... Any sources would be much appreciated and I will have to go through interview process with each need then visit KC at some point to make sure what was discussed is true. Even though I have a large amount of funds at my disposal I plan to use as little of it as possible to acquire properties. I would like to treat it as if I had little to no cash and deploy it only on occasions that the deal is a home run and I will lose the property if I hesitate. 
I do have a couple of contacts in the area that is why I chose KC. (Not investors)

I have also joined a local reia group in KC through FB (BREIM) as suggested by a wholesaler that was greatly helpful.

Of course here are the essentials I need, Any advice especially from current successful investors in KC (don't need to re-invent the wheel) would be much appreciated. I would need a minimum of at least two teams for # 2 and #3 can't have enough of those. 

1. Deal funnel (wholesalers, realtors, turnkey etc.) as long as the numbers make sense. I understand risk is greater with the first but so will be the rewards. 

2. PMgr's

3. GM/Contractors

4. Zip codes and areas that I should place close attention to and ones to avoid!

@Johnny Wolff I'm getting ready to jump into your market! Just need to set up a team. Any advice?? I'll most likely be posting in BP soon and putting myself out there. Thanks!

@Jack Orthman hi jack I'm about to jump into out of st investing sfr looking at KC. I myself live in cali and have prop in Northridge ca but live in norcal would like to connect with you for same type of advice. Thanks

@Natalie Kolodij

Agreed

@Eamonn McElroy

Yes of course we all know it is fraud that is why I stated it in the question. It was a question of debate hypothetically. It came up as an argument in a discussion but I had no facts to back up why reporting it should be at least the same or better... I knew we the advantages of reporting not really the other way around.

@Carl Fischer

I see so if the loan is already set. Then it seems the individual is either break even or losing out if not claiming it as investment and not reporting income!

@Ashish Acharya

Yup agree with legalities this was a hypothetical question from another rei colleague most likely knew someone or he himself delved in the practice.

Ok I'll make up a couple scenarios

Sam agi 155k

Fred agi 185k

Jane agi 205k