All Forum Posts by: Marc S.

Hi All -

I currently own 4 long term income producing single family properties. Purchase these SFR in the last year. I am now venturing into short term rentals. I shared with a good friend of mine what I've been doing. He now wants to invest with me on my next purchase. We agreed to invest in a short term rental on the Florida coast.

I will be doing all the work as far as finding the STR, managing through ArNB etc or other rental sites, and finding a property manager for the house.

I am just curious to hear from the group , what is the appropriate way to set up this partnership with my friend?, and how do I set it up so I dont put any of my money into this deal? Thank you.

Marc

@Abby Austin

I bought 4 single family homes by utilizing WL insurance policy. I used the concept bank for yourself method. Essentially borrowing money from the policy and paying it back. I believe WL is a true asset, not investment but a place to store capital and deploy for investment opportunities.

 Thanks Scott, much appreciated. I felt like was being to aggressive, but you do make some very solid points here. However, I do have my current and new property managers, real estate agent on this email chain with no response. My plan is to call and keep working up the chain of commands. Appreciate the advise. 

Marc

The company is 360 Property Management and they were acquired by Inch & Co Property. 

Do you have any recommendations for property managers in York, I've been speaking with Bay Management Corp, they seem reasonable and professional.

Here is my issue:

My current property manager was newly acquired by a bigger PM in York, Pa.

My current PM is 7 days late on paying me my disbursement.

I reached out to them early last week asking them the status of my disbursement (since I’ve been with this PM in March they been late on paying me my disbursements) the PM was under the assumption I should of received it already. She referred me over to their finance team.

Reached out to the their finance team she told me they are closing out all the disbursements by EOW last week.

Well, still did not receive it , followed up yesterday and no word back.

Is there anything I can do to get an answer from them?

Anyone in BP world run into this situation and how did you handle it?

Any help would be appreciated.

Marc

@Quenton Mullins

I met with Seth Perlman and considering working with Anderson. Love to connect with you and see how things are going so far.

@Mark S.

Just bought my first turnkey property from Cava. It closed last month. The overall experience has been really good. I will be receiving my first rent check in December. I would recommend doing your own independent inspection on the property. However, they actually do 2 inspections on the property for you. Before they do repairs and after repairs are done. I actually spoke to a couple references, a couple of their investors, and a competitor. They all said positive things about Cava. If you any specific questions just let me know. Good luck!

Hi All,

I am currently a new investor and interested in investing in Richmond VA. I discovered that the Manchester Neighborhoods in south side of Richmond VA is an up and coming neighborhood. I am curious if anybody has invested in this neighborhood and if there is anything I should consider before investing here? Are there certain streets or sections I should completely avoid investing in? I am looking into purchasing a single family rental in this area. Thank you!

Marc  

@Anson Young

Extremely helpful, exactly what I was look for. 

If we look at #1 scenario, the agreement that is being signed by both myself/wife and in laws, does this mean I dont need a realtor for this type of transaction? Obviously, i would need to get my real estate attorney involved. Unless, it is recommended to have a realtor.

Sorry if this is a obvious answer. 

Hi All,

I am relatively new to the investing game. I am looking for a little bit of help. My parents in laws are looking to sell their home which is worth about 240,000. The unfortunate part is my father in law is a hoarder. The good part the “junk” is mainly outside and in the basement. We are in the process of throwing away all his stuff and hopefully put their house on the market in late fall early spring 2021. My wife and I plan putting house on the market for them but would like to potentially buy the house from them and flip it.

We understand their will be repairs needed to get the house to good standard.

I would like to propose a question to the group. Is their anything we should be considering when flipping a house?

Anything specific we should be looking at when dealing with family members?

What contracts need to be in place with my parents in law to flip their house?

We also thinking of getting a hard money lender to purchase the home but not sure if this is the right method.

I’m sure I have more questions but we can start here.

Thank you and I appreciate all the help!