All Forum Posts by: Mark Lewis

Hello,

I am looking to build a network and connect with some other investors in the Belleville, Illinois area and get some feedback on anyone in the market. Any experiences would be helpful. Looking to do some flips in the area. 

Thanks,

Mark 

AmeriCU Credit Union out of Rome NY does 20% down but needs to be no less than 50% on the vacancy end. Hope that helps. 

@Arta Montero I have a single family rental in McAllen TX. I used to analyze the Quads in Edinburg for $350k and tell my friend that invested in Maine and he would never return my emails haha. It wasn’t until I looked in other markets where you see the Cash on Cash return go up. The fourplexes there look nice but at those prices the numbers didn’t make enough sense for me. It would hopefully be an equity play over some years. I now invest in Western New York and love my returns. 

Thanks @Paul De Luca and @Jennifer Donley! Another friend concurred with your advice as well. Thanks for replying! 

Good Morning All,

Wanted some feedback from fellow landlords. So, I have a tenant that is in the rears about $1,100 because she could not fulfill her portion of Section 8 the last few months. She is now being fully funded until next November. I went on a tour of the unit and she had 2 holes in the walls (claims kids did one and she did one by mistake) and 1 one in the floor which she claims was there when she moved in which it wasn’t. Her lease is up December 31, 2020. Do I try to evict after the moratorium (hopefully over this year) or hold on to her later into the next year? Property is in Western NY.

@Patricia Steiner @Peter Walther I've had a heck of a time being bounced around on this matter. Quite stressful but I'm pushing through. Spoke to my lender and they then pass the buck to attorney. My new attorney said it's unacceptable and I could go the E&O route. He said If it were him both attorneys should just split the cost and pay me out because of their error. So my attorney gave me guidance to file a small claim suit to the seller. Want to keep things professional despite my anger but I will go that route and see how it goes. I'm still in it to win it with future investments but this is one hard lesson I've learned and will keep and eye on I'm the future. Keep you all posted.

Hey @Noam Birnbaum I have a few doors in Rochester NY, I use Torres Turnkey Property Management. They use a buildium platform and have been pretty solid thus far.

Yeah my attorney stated that I would have to file a small claims case in court to get the funds from the seller but being Courts are closed I just have to wait. Just checking to see if anyone shared experiences with this. I didn't know if title insurance would cover it. 

Hey BP’ers!

Has any here ever dealt with this situation before? 

I recently purchased two multi-family properties from the same seller in Monroe County, New York closing at different times and funded differently. One was a loan in my name with traditional funding and went fine. The second property was purchased with a commercial loan. We closed and I was told sellers attorney sent checks out to satisfy all taxes and water bills or so I though. 2 months later the back taxes totaling roughly $1,500 were never paid. Contacted my attorney and explained what happened then they said I am right. They reached out to seller’s counsel and basically, he said the deal took so long to close and he wouldn’t have been liable to pay them if we closed sooner. He could’ve walked away but didn’t. My attorney reached out to his attorney 2 times to no avail now they said I would have to take him to small claims court to try to get the money for the back taxes? Is that my only option because I feel the lawyers missed this and they should pay me out and they can chase him around for this balance? Has anyone dealt with this before?

Thanks,

Mark

Hey BP’ers!

So I wonder if anyone has dealt with my issue before and how it should be handled.

I recently purchased two multi family properties from the same seller closing at different times and funded differently. One was a loan in my name with traditional funding and went fine. The second property was purchased with a commercial loan. We closed and I was told sellers attorney sent checks out to satisfy all taxes and water bills or so I though. 2 months later the back taxes totaling roughly $1,500 were never paid. Contacted my attorney and explained what happened then they said I am right. They reached out to sellers counsel and basically he said the deal took so long to close and he wouldn’t have been liable to pay them if we closed sooner. He could’ve walked away but didn’t. My attorney reached out to his attorney 2 times to no avail now they said I would have to take him to small claims court to try to get the money for the back taxes? Is that my only option because I feel the lawyers missed this and they should pay me out and they can chase him around for this balance? Has anyone dealt with this before?

Thanks,

Mark