All Forum Posts by: John Thedford

Definitely going to explore the options before I rule them out. Thanks

I believe they have a case. Unless your lease stipulates you get paid for repair time, etc you cannot charge for that. I always use third parties, and when I make a claim I send receipts. Receipts usually quell any thoughts of deductions. My .02

I agree 100% @Peter Davis the entire SW Florida area looks excellent and has a bright future. I primarily invest in Cape Coral due to prices generally being cheaper than Naples. However, anywhere you choose at this point the future looks good for our area. 

My local CPA friend HATES 1031 as well as cost segregation. So, what are the downsides to doing a 1031 exchange? Are there any particular don'ts that would have a negative impact later such as borrowing a lot more than the sale (trade) price? TIA

I have posted on these people before. It has been the WORST experience ever and I truly regret having borrowed money from conventus. Between them and shellpoint it has been nothing but trouble.
NOW--my CPA stated they issued a tax reporting form to the IRS and used MY NAME AND SSN for a property that is owned by my corp. So, I send a DEMAND LETTER for them to correct this. They sent an email stating my loan was taken over in Nov by these people and that no interest was paid in that year. WHAT? So=-these is no Dec payment due? No interest due in Dec?
Well guess what: I have the form IN HAND and these people DID use my SSN and report interest paid even though the property is corp owned. I NEED A GOOD LAWYER to SUE THESE PEOPLE. THEY have cause so much grief for me. THEY ARE THE WRONG PEOPLE TO DO BUSINESS WITH IMO.

Oh--and the head guy at conventus sends an email stating they have done everything possible to help me and "PEACE OUT" garbage.  YUP..that is the left coast west coast crap they tell me!

Right now ANY house in the Cape is good for rentals. My friend says he does very well with STR> I only do annuals at this time. I don't need a job I just need the money.

Continue problems! Going on almost a year. They have screwed everything up. Improperly reported to the IRS bad tax information. So far, the servicer shellpoint has messed up everything, failed to credit me, bought insurance even though I carry it, etc.
I need a lawyer. Preferably in SW Florida.
The property is in Florida so I believe I can have the case filed here?

Just got a call from my CPA. They sent a 1098 WITH MY NAME AND SS.
The property is in my corporation.
Now I suspect these people are going to cause me tax problems with their incorrect reporting.
And of course--I highly doubt they care. WORST COMPANIES EVER.

Thanks @Joel Owens yes there are so many different factors to consider. Another thought is that we will see at least a 6% appreciation rate in SW Fl for a couple more years. So if I hold, the appreciation should be over 200K per year. In the meantime, continue looking but not in a hurry. Although I own them, they are pretty much passive as long as I maintain good tenants. BTW I am 66 so not necessarily looking for more income. 

I got two loans from Conventus a few years back. Their original servicer did a good job. They transferred servicing to Shellpoint. This has been a nightmare.
To me it appears conventus doesn't care. However, because Shellpoint has CONSISTENTLY FAILED to properly credit my accounts over and over, it is a non-stop string of emails stating I am past due, blah blah blah. NEVER MISSED ONE PAYMENT. NEVER A DAY LATE.

Their servicer Shellpoint now claims I owe THOUSANDS more than I do. 
Conventus pushes everything on Shellpoint.
Isn't conventus responsible for the actions of their agent. 
Do I have legal cause since their payoff figures are not even close to correct.
I have the amortization schedule with check number written to each payment due.
Can't put up with EITHER of these companies any more.