All Forum Posts by: Bruce Coleman

I need to add an update to my recent post. Brian from AHP Serving reached out to me today, and showed me where I was in fact receiving my distributions. The problem was completely operator error on my part and website design on theirs. There is a tiny little link under "Account Details" that links to a more informative web page. Thanks to AHP Servicing for their prompt response. I'll continue to invest with them.

@Bill NolanI need to add an update to my recent post. Brian from AHP Serving reached out to me today, and showed me where I was in fact receiving my distributions. The problem was completely operator error on my part and website design on theirs. There is a tiny little link under "Account Details" that links to a more informative web page. Thanks to AHP Servicing for their prompt response. I'll continue to invest with them. 

I have invested in AHP Fund for about 15 months and things have gone well. There was one month where an adjustment to 2017 Illinois taxes decreased my disbursement a bit. Every other month it was spot on 12% return.

Having said all that, I am currently experiencing some lag in performance with their new AHP Servicing fund which just opened to investors November 2018. Disbursements are supposed to paid the 10th of each month. Two disbursement dates have come and gone without money being added to my account or an email explaining why. Are any other investors having a similar experience with this new fund?

I have invested in AHP Fund for about 15 months.  As many previous posts assert, they have paid like clockwork.  There was one month where an adjustment to 2017 Illinois taxes decreased my disbursement a bit.  Every other month it was spot on 12% return.

Having said all that, I am currently experiencing some lag in performance with their new AHP Servicing fund which just opened to new investors November 2018.  Disbursements are supposed to paid the 10th of each month.  Two disbursement dates have come and gone without money being added to my account or an email explaining why.  Are any other investors having a similar experience with this new fund?

Great venue.  Greater company.  Thanks for organizing the event Jacob.

Hi @Bob B.

In many areas, proof of ownership or a lease is necessary, but not in the area where this house is located. The utility companies allow anyone to turn on utilities in that particular area. It's strange I know. On a side note, we found out the female trespasser was evicted from an apartment in Pickens County Georgia this past February. Within the same county there is also a judgement against her for failing to pay an outstanding telephone bill. I guess they, the utility companies, will figure out even in east Cobb proof is important. 

Hi Everyone,

Sorry for the delay in responding.  The trespassers finally removed their belongings Saturday and we spent Sunday cleaning the home.  We have a window to replace and some warped kitchen floor boards.  It could have been worse.  The good news is the buyers did not back out of the deal.

I think it important to clarify a few things about the trespasser situation.  There was a great deal of confusion as to whether this was a civil or criminal matter.  The vast majority of people assumed, wrongly, that this situation was a civil matter requiring the Magistrate court and the lengthy eviction process.  By the majority of people, I mean nearly all the attorneys we spoke with and most importantly the local police.  There was never a landlord-tenant agreement.  In the absence of an agreement, and after they were asked to leave and they refused, this became a criminal trespass situation. 

What could we have done differently to avoid winding up in this situation is the real question investors want to know.

1. Price the home right.  Our first agent overpriced the home so it languished on the market far longer than it should have.  That left a wide window of opportunity for the scammers.  Price the home right so it sells quickly.

2. If you take vacant photos of your home, be sure to include a water mark such as your phone number or email address.  Scammers will skip over your photos in favor of easier prey.

3. Never list your home on Craigslist in my opinion.  There might be many legitimate homes for sale or rent on the site, but there are also many scammers.  Our home was taken down from the website about 10 times.  Each time we, or our realtor, alerted Craigslist it was back up hours or a day or two later.  I suggest to avoid Craigslist until it begins to use image recognition software to add a degree of automation to enhance its security.

4. Stop by the home frequently.

5. Have a neighbor keep an eye on the home.  We would have had to have been extremely lucky for 4 or 5 to have helped catch the trespassers while they were moving in.  I estimate it would have only taken 2 guys about 3 hours at most to move all their belongings in.  They didn't have much.  

There's one thing that we could have done that would have ended all the problems before they began.  

6. Get a security system.

I think that's all the wisdom I have to share about this trespasser experience.  If anyone has questions, feel free to reply on the thread or message me.

Bruce

Hello fellow BP members. 

The squatter situation you all are posting about is my wife's home. We recently got married. We purchased a home together and were in the process of selling our former "single" homes. Mine sold rather quickly. Hers lingered on the market. 

We are busy with getting the home back into pre-squatter shape right now, but I would be happy to cut through all the misinformation later a give the community the facts. 

For those interested in the facts as we saw them, tasks a look at our Facebook pages. Bruce Coleman and Dena Everman. 

Thanks Jered for making me aware this was being talked about on BP.   Thanks to everyone that talked this up on social media. It helped bring this issue to its soon to be close for us. 

Bruce

Dear BP Community,

I’ve been a buy and hold investor of single family townhomes for 3 years now.  My goal is to earn enough passively to quit my day job.  If I have to pick a team on whether I invest for cash flow or appreciation, I have to side with cash flow.  In practice however, I’ve tried to acquire both.  After the initial purchase and rehab, it’s against my religion to invest any more of my earned income into a property.  Having said that, I have enjoyed quite a bit of appreciation on my first townhome investment.  Here is the good problem I have…

What should I do with this equity?  Should I sell or refinance and extract cash?

I have about $50K in equity in one townhouse. After all expenses (mortgage, ins, taxes, HOA, maintenance and such) I'll realistically earn about $3,300 in cash flow this year. The homes in the area have been appreciating at around 5% annually. The home's current value is $100K. I have great tenants that always pay on time and they have indicated they would be interested in purchasing the property within 1-2 years. Lastly, I self-manage this home.

It may only be my experience, or lack of experience, but I don’t see myself earning enough passively to retire within a time horizon I would like (5-8 years) via single family homes.  I am considering buying multifamily.  Quads are fine, but I am open to commercial multifamily (5 units or more).  I don’t discriminate.

What information can the BP Community share with me concerning quads?  Specifically, what type of tenant rents this type of place in general?  What kind of credit scores should I look for when screening applicants?  What percentage of expenses should property management comprise?  Do Quads appreciate in close alignment with the SF homes in the area or are they based on NOI like commercial multifamily properties.  What good resources are there for assessing how much to charge in rent?  What don’t I know that I haven’t asked about…?

Selling something that has made me money for several years heretofore has been also against my religion, but I think I could convert to a new faith if I saw the upside of moving on up.  Feel free to challenge my assumptions.  I'm looking for enlightenment.  I value your input and thank you for your time.

I think this is a fine idea and a great way to launch into 2017. Please let me know if I can be off assistance. I mean it. 

Bruce