All Forum Posts by: Josh Justiniano

@Jared Vidales 

@George Paiva 

@George Paiva Well, we actually canceled. The "broker" who was helping us on the transaction lied about her experience, lied about the fact that she was a broker, and looking further into her background she was facing 12 years in prison plus 500k in fines for serious real estate crimes and SEC violations. It would be hard to list all the things we found out about her. So, needless to say we put in a cancelation. Thank god for google! Lesson learned! Whenever doing business with someone, prior to wiring any money into escrow check out who you're dealing with. A simple google search can yield startling results. LOL!

@Jared Vidales Yes. That was the plan. He's a JV on the deal and the building was only 15 to 20 mins. from where he lives. So just a monthly drive by and walk thru while the PM would handle everything else. But considering the story I wrote in the first part of this post we had to cancel!

@Jeff McCaskey hey thanks! Yes I own 1 sfh. Partnered up on it and did a lease option. It's pretty hands off so I haven't had much experience with management tbh. 

As far as learning yourself that's great! Respect and once again thank you for the insight. 

@Jeff McCaskey that's my personal experience does not include the groups'. Thanks so much for your opinion btw. 

@Jeff McCaskey I respect the opinion. I think we're investing in two separate markets. Maybe that's why it sounds expensive, but I agree with your statement about offering too much. 

What do you suggest as a next step? Start smaller? Get a mentor? How did you go about it?

@Tom Lafferty 

Can you explain the payroll? I thought management just did a flat rate... at least that's what i heard when i called a few companies

@Tom Lafferty the insurance was just a guess. I might be so off! I guess we'll see once I get their financials. 

@Tom Lafferty yeah I looked into RUBS but they shooed me away because they only deal with 50+. They don't want the small guys I guess!

Do you have any other solutions to that? Is there another company that offers the same service?

@Account Closed all valid questions. I have a family friend who is also putting up some of the money who lives in the area. We're also getting a PM. The area is not that bad. 8/10 school ratings. Lower crime area surprisingly. Surrounded by higher income neighborhoods (60k to 85k household incomes) 

I also got a rundown of when they replaced all of the big ticket items and based the replacement reserves on what they told me. 

I put in an offer and got it accepted at 715 and requested the schedule e for the last 3 years, rent rolls, utility bills, and bank statements. I guess they didn't want to give my anything without an offer? 

Maybe you can rundown your process for getting a building? How do you normally do it?