All Forum Posts by: Marvin Song

@John Voychick As a fellow out-of-state investor, I feel your pain. I went through similar experience when I purchase rentals from a turnkey provider in Indianapolis. Thanks for sharing your experience. I recently listened to their interview with The Real Estate Guys Radio Show and it's great to have a forum like here where we can hear from people's own experiences. Hope you can find a better property manager soon.

@Nicole Hoss - Do you mind sharing PMs in Indy and your opinions about them over direct messages with me as well? Appreciate your help in advance. 

Yes, I did. PM me if you are interested.

@Meghan McCallum Did you make a trip to Belize? I've been to Ambergris Caye almost 3 years ago and had an amazing trip. Took a tour to resorts, resort development and vacant lands. I'd love to hear what you learned from Belize. 

@Matt M. Where in Belize did your family purchase properties? Was this in Ambergris Caye?

@Dan Barli Indianapolis. I'd love to hear how it goes with your lender later. Thanks. 

@Ben Phillips Did you find one?

Hi @Dan Barli - I see you are from northern NJ too! Were you able to find a lender in Indy?

@Will F. No, I couldn't figure it out.

My challenge is to find someone who have expertise in both foreign investments AND real estate and I couldn't find someone who would be a good fit for me yet hence I'm just working with my current CPA although I'm not completely happy.

@Linda Weygant Thanks for the offer. Do you have any experience with foreign investments that are held in Anguilla lBC?

@Paul Kim This is just from my experience. You can find more about what happened Property Manager I fired today did repairs without an approval. Am I liable?.

Long story short, my first tenant ended up trashing the property causing $3k+ repairs and 2+ months lost rental income less than a year. The most disappointing part was how the situation was handled by the owner. He offered he will cover repair cost IF I stay with them but my experience was bad enough for me to take the loss and hire somebody else. 

They already made the money when they sold a property. I made the loss from the first year but it wasn't their problem only mine. Lesson learned from working with turnkey provider. 

Also my new property manager provided rental comps and suggested to reduce rents by $50 - $100 per month which also impacted my ACTUAL return compared to their pro forma. I'd suggest to ask for them to provide comps to understand if their rents are reasonable. They MIGHT get rented at higher rents but quality of tenants might not be as good which I believe was the case with my tenants and caused more damage than $50 extra income every month. 

Oh by the way. A refrigerator stopped working after little over a year and I was told all brand-new appliances but when I looked up it was 5 years old model. Therefore, I'd ask to provide proof of purchases.

Hope this helps. Good luck.