All Forum Posts by: Rogelio M.

@Wei W. Going on a limb here ... if you will be renting by the room, perhaps an approach similar to a college dorm would be helpful ... the restrooms would not necessarily be 'next door' .... would the common area allow a third restroom on the FIRST floor?

@Wei W. Would the layout of the house allow for the addition of a third restroom?

@Sean Ruggiero ... in Texas, the suggested strategy, would be a crime committed against the lender ... proceed with caution and obtain alternative sources of advice.

Consider alternative sources of private financing to take you out of the bridge loan.

Best luck!

@Alecia Loveless. Hello Alecia. Thank for your input! ... I was prompted by PayPal to sign up for Venmo. Other than the fees, are there other disadvantages to Venmo? Gracias.

Originally posted by @Peter Nikic:

Originally posted by @Travis Frenchak:

Originally posted by @Peter Nikic:

Look for another lender. Also the fact that you're looking to buy a multifamily means that you DO have experience, you just have to find the words to put on paper.

What? Just because you want to do something doesn't mean you have experience. I want to be a surgeon but lack the experience. Buuuuut by your logic I do have experience just by wanting to do it. 

You don't have to agree, but my encouragment will probably serve him better than negativity. We don't know his experience, he most likely does have some knowledge or experience that he doesn't even realize, that is why he is pursuing it. Owning is not the only way to get experience.

I'm speaking from my own real life experiences. I bought a 21 unit bldg in the Bronx with NO experience and no help, and it all worked out just fine (actually better than fine). At that time I owned a single unit condo as an investment. Aside from growing up in buildings in the Bronx, I learned everything I needed to know to get started in rentals from the single unit condo. I just multiplied that by 21 times, otherwise no difference.

Now you can be as cautious or negative as you want, but I know from first hand exeprience that anyone who is in Philip Christie's position is qualified to pursue multifamily investment properties. He just may need to prove that to the lender, which is what he is asking help with. 

He has single family experience that can be multiplied as much as necessary. 

@Peter Nikic - Thank you for your input.  This forum should serve to encourage others, not to degrade.

@Chase Dietrich .... Keep reaching out to expand your network.  With the way the market is now, one's time, and even money to invest, are a commodity .... it will be tough to find a mentor/teacher in this way.  What is off value is the ability to PROSPECT to locate those tough to find deals.  With a good deal in hand, or even to negotiate, one can then approach an experienced investor for time and coaching.  Best luck!

@Justin Rockitter ... Check into their criminal background record ... look out for charges or convictions on crimes involving DECEPTION ... these would include fraud, perjury, missaplication of proprty as fiduciary, forgery, theft, etc.

Originally posted by @Phebia Philpot:

@Rogelio M. YES. He has a very good criminal history with at least one charge of theft by deception. We have heard he is on probation so we are in the process of pressing charges but I’m not sure how any of that will help us  recover any money. After all, you can’t bleed a turnip.

@Phebia Philpot ... so you have a dual track to possibly follow:  Civil and/or Criminal ... each with advantages and disadvantages.  Civil Court is better suited for recovery, but you will incur heavy expenses in hiring and attorney.  Criminal Court is not specifically set up for recovery, rather for punishment; although, a criminal court CAN order some order of form of "restitution".  Thus, by following the criminal rout, you could  hold the transgressor to account, but without necessarily achieving an optimal recovery.  You mentioned that the contractor is currently on probation for a prior incident; with a properly prepared case by the assigned investigator / detective, and with the preponderance of evidence on your case, a prosecutor could petition the Court to revoke the contractor's probationary status.  Consider filing a complaint with the BBB, and the local and State contractor licensing boards.  If there is a local entity that issues permits for rehab work, consider them as well for a complaint.  No option is ideal; perhaps it is time, though, to see the contractor be held to account.  It is best to perform due diligence on a contractor BEFORE hiring them.  There is no better way to expose one's risk in hiring a contractor than to detect that the contractor has a background in committing theft, financial fraud or any other crime involving deception.

 

You will have a tough time recovering the funds (although NOT impossible).  File a complaint with your jurisdiction's law enforcement agency.  Make certain that you are assigned a detective that is knowledgeable in handling financial fraud investigations.  Thereafter, if the criminal investigation is handled correctly, be prepared to follow up with the district attorney's office.  From detecting the incident, to the investigation, to following up with the district attorney and court could take two to three years.  Going forward, make certain that you perform a criminal background check on ALL contractors .... if the pattern holds, I am certain that your contractor has a criminal background involving prior theft and/or financial fraud.  Move quickly.  Your  financial institution should have records showing that it was your contractor that withdrew the funds.

Huh?!