All Forum Posts by: Account Closed

My mom barely lives off the income from her properties that she worked her butt off to obtain over ~30 years. She now lives in a memory care facility, and her properties are part of an irrevocable trust. The property manager refuses to show any numbers on her properties, and they are not licensed in Champaign, Illinois, either. In addition, one of my mom's "friends" is in control of the trust. Today, I found out the property manager bought one of my mom's properties for a ~$100K discount (on a ~$320K property) from my mom's friend. I said there was no reason to sell the property (as rent would easily pay the mortgages, taxes, and insurance). When the property was sold, mom's "friend" and the property manager refused to show us the HUD-1 statement.
This morning, I found out the property manager bought the property for a ~$100K discount. 
Is there anything we can do to get these people off the irrevocable trust? Do we have any legal recourse against mom's "friend" or the property manager? 
The property manager still runs 8 of her (small town in the midwest) properties. Retaliation is a concern for me here as well. 

Any thoughts how I should proceed? Any attorneys willing to help? 

Here's a link to social media post where I asked the property manager about it: 
https://www.facebook.com/share/p/mRVzr9w2QBQcR5ba/

Also, if you think I'm overreacting or I'm wrong for inquiring, I'd love to hear it. I feel like I've been made to feel I'm crazy for feeling like this is a conflict of interest.  

I own a two long term rental in the Pacific Northwest and one in the Midwest. I say this to show I understand we'd all be buying cash flow properties at a 33% discount. This really seems like a conflict of interest. 

Thanks in advance for any help, guidance.

@Rebecca Knox thank you! I sent a DM with more details. 

Update

At least two accepted offers have fallen apart, and even more didn’t make it that far. Right now, I have one accepted offer on the table. It is supposed to close on April 10th.

Part of me feels superstitious about posting it as I don't want anything to go wrong. Obviously, that is silly, and I appreciate the request for an update. 

This process has taken much longer than I've expected. I've made mistakes, and I'm also learning a ton. I know future purchases will take much less time. I wish I could write or explain the learning curve as well having perspective on risk and reward, but there are great books and resources on biggerpockets about that. 

After a deal fell through where I felt like I didn't have all the information I needed early enough, I spoke and emailed with a ton of people. I needed someone to speak my language and work for me. I found that with Aaron Stuiber and Vera Residential Real Estate. They understood my plan, and they are lean enough to be able to do things the way I like. For example, they can bring a contractor when they check out properties to have a better idea of the costs up front, and there are less surprises. They also understand this isn't the only property I'd like to buy, and they have also come up with great suggestions along the way. Michael Henry has been great as well. They know what BRRRR is. I highly recommend Aaron and Michael.

I'll be in Milwaukee for a few days before closing on April 10th. It's not done, yet. However, my confidence level is much higher with this deal. Thanks for the support, and I look forward to sending more successful updates in the future. 

Hi Bob!

I'm from the northwest (Portland, OR), and I'm investing in Milwaukee as well. 

I'd love to talk further with you and compare notes. I'll DM you as well. 

I have an offer on the table that has been accepted, and I'm going through the inspection report today. The deal should close by the end of January, if it all goes well. 

Everyone, thanks for all the help!

@Shawn Ackerman- I made it to Milwaukee, and I put an offer on my first duplex there. The deal is scheduled to close on January 25th. 

@Garrett Fox - I should have contacted you while I was there recently. The next time I'm there, I'll send you a note. 

I'm pretty excited. I'll make a post to the "success stories" section when this closes. Thanks again!

@Daniel Hyman, thank you. I will send you a PM, and I'll check out the e-book from @Dawn Anastasi as well. 

I'd like to invest in Milwaukee. I'm attracted to the high cap rates I see in Milwaukee. 

I have some money set aside, and I have a pre-qualification letter from a bank in Madison. However, I'm open to different financing if there's a better way. 

My strategy will be to buy and hold. I'm open to minor rehabs, but living in a different city makes me nervous about rehabs. I'm new to investing outside the city where I live. I'm also fairly new to real estate investing. 

I'd love to connect with a great property manager, real estate agent, and possibly general contractor in Milwaukee, and I'd like some advice on neighborhoods as well.

It would be fantastic to travel to Milwaukee and connect with this team of people in a few weeks (or less) as well as look at properties while I'm there. 

Is it realistic that I could identify a few properties and make an offer in a about a week from that first visit? 

I've read through some similar posts on Milwaukee, too:

https://www.biggerpockets.com/forums/776/topics/56...

https://www.biggerpockets.com/forums/52/topics/517...

Thanks for your time, and I appreciate any advice, suggestions, questions, or comments.