All Forum Posts by: Sean O'Dowd

I'm sorry to hear about this; that will be difficult to resolve

If it helpful: we use an app called Rentcheck where the tenant has to take photo inspections of the property.

As part of this inspection, they need to take a photo to show the new filters in the HVAC. My guess is something like that could help in the future to make sure the tenant is changing the filters!

All the best!

Hey!

Happy to speak here as I run a single family fund and we do our PM in house.

The short answer is it's extremely difficult to target SFR owners! With a multifamily property, you know with 100% certainty that they will be renting out their homes.

For single families, only 14M out of a total of 82M are rentals. That means you need to identify which homes are rentals first

Your best bet is likely to be a software like Propstream to find homes that are owned by out of state owners and have been rented recently. 

But, you'll still deal with quite a lot of people who aren't renting their homes!

I've never seen a buy/sell agent successfully rent a home quickly and at the accurate price. 

In reality, the ~$2,500 he'd made from the rental is just not worth his time. He's probably being slow to respond to tenants. If you had a friend call on the property, he'd probably respond a day or two late

I run a real estate fund in the Chicago area and have a good amount of experience here; I'm happy to take a look at the listing if you want to exchange DM's!

Otherwise, my strong recommendation would be to rent it yourself!

If you are just getting started and have a small portfolio, then I highly recommend Hemlane

Above 50 units, I strongly recommend Doorloop!

Hey Molly! Congrats on finding an interesting property!

I know this might not be the most exciting news, but my strong recommendation would be to not my this property.

I firmly believe an investor needs to study a specific zip code for 6+ months, daily, before they make an investment. My guess, based on you asking about the zipcode here, is that you still have more studying to do!

Without spending that time, it's hard to know whether or not this is a good purchase. In that case, it's getting close to gambling instead of investing.

I'm really sorry to be the bearer of bad news here and I'm wishing you all the best! You'll get the next one!

Quote from @Bobby Larsen:

@Irina Seals

Request the list of LP investors from the sponsor. They should be required to provide upon written notice and whatever the path forward is, it’s most likely worth pursuing collectively.

I appreciate the thought process here, and it's possible this could work. 

However, this is would be extremely irregular. Most documents, again to my knowledge, expressly say this isn't allowed.

Most LPs, especially at a family office level, are extremely private and do not want other LPs to access their name

Hey Irina-I'm sorry to hear this situation happened. I'm a GP myself and am pretty familiar with these documents.

I'm sorry to say, as long as the syndicator used a reputable attorney to put the documents together, there is very little you can do and surplus funds are 99.9% chance going to the lender.

The only path's I'm aware of would involve you proving the GP knowingly engaged in fraud (e.g: lied about something) OR they misappropriated funds (e.g: they bought a private jet with the money instead of real estate)

Outside of those scenarios, my strong guess is no money will be recaptured.

I'm sorry to be the bearer of bad news here. I'm happy to exchange direct messages if helpful regarding some of the nuances here 

I've had this situation happen before. In short, they are in violation of the lease and you should tell them they either need to pay the fee or leave the property 

The "smart" financial decision is to keep that low rate as is and keep paying it off normally. If you were in your 20's or 30's, I'd say keep the debt.

But, there's an element to be said about peace of mind, especially as you retire (congrats BTW!)

It's your decision at the end of the day, but if it was me and I was in your shoes, I'd pay them off

Go back to the HVAC company. Any reputable company should have a warranty on their work product. They should cover the cost to fix it for free, or reimburse you or your tenant