All Forum Posts by: Brian Bradley

Spinning off of podcast 257. I think its a great discussion on #teambuilding. Had some free time in the gym today to listen to a few podcasts. I really like what was said by @david greene A lot is said about finding your deal. get a deal, deal, deal deal. But, another way to go about is to build a team. Get a good team in palace that will work for you and they will bring you deals. use the BP search for lenders in your area, or even out of your area that you would like to invest in. Then connect with those lenders and talk to them. Ask them questions, then have the lender you like refer an investor focused agent. That agent then will know good General Contractors who work with investors and deliver good products on budget, and will also know good property managers. Really nail down getting your team (Lenders, Agents, General Contractor, Property Manager, Attorney, and CPA) put together, and maker sure they all have experience working with investors. Each one should be involved in your project. Your agent should be getting you deals and brining them to you since they know the areas and markets better then you ever will. You're agent will need to work with your lenders and GC, the property manager will need to be on the project to work with the GC to make sure the property is repaired to your standard. Once you have the team and system in place, its passive for you. You team should all be on the asme page and provide checks and balances with each other. You're agent and GC should not be far off when talking numbers and if they are they better have a good reason why their is a difference of they will be replaced. "BuildyourTeam 

Listening to great podcast #257 at gym on you’re market being to expensive, team building and investing in other states. I have not got the book yet, but the podcast is great. Listen to it and #222

When you reply stand-offish then for those who are not as educated or want to ask a question even basic and participate then you scare them away and nothing happens. That is not the point of this.

Cody Cox I’m not asking you to. However this is a professional site for all level of investors and part of the point of this site in information and education for everyone. Me as a lawyer I pass along bits all day long. If I were to want to bring a investor to talk to you eh wants to invest in notes, and your not receptive why should I have you in my network? I created this forum for all levels of investors and expect nobody to take anybody under their wings. And theirs no such thing as a guru. If you choose to be on this forum then freely partake. But please don’t say hey guys this is what I do, but not talk about and educate appropriately. I don’t give free legal advice, but I do good heartedly help people get to the right mindset and direction.

Cody Cox for those new to investing in notes, or hesitant, what are done first steps an investor would take to get lined up before coming and talking to somebody like you? I think you’re specialty is a great alternative investment for portfolios.

@Cody Cox that is a great win win. But since they are non-performing, they are not performing for a reason. So then do you go and renegotiate the terms of the loan and payment to yourself? And since they are non - performing for a reason, lack of cashflow to pay, I would see a higher percent of the assets going to you upon default. 

@Jay Hinrichs yes UD I am meaning Unlawful detainer. and it is just one annoying part of landlording. When I was practicing in Michigan, it was just war zone. New Construction has its own bag of tricks and issues. The small firm I was with in Michigan we put together the deal for Edgewater Resources to get all the land needed for the PGA Harbor Shores Golf Course and Hotel. We had to be very creative in entity structure, immigration law for getting funding to be shovel ready, as well as, insurance out the ears. It is over kill, but necessary. The GC hired to build the hotel ended up not paying his sub's, and so liens were placed on the hotel after construction which I had to fight off 40 million of since I am a litigation attorney. Fun times. But thats why we lawyers recommend the over kill in todays world. 

I think @Jay Hinrichs and I are saying ruffly the same thing. At the end of the day its a personal choice. But not many landlords are going to jail for criminal maters. You are looking for protection from civil liability ($$$). The more degrees of separation the better. Jay has been very lucky, but also runs a very tight ship, and has good properties with happy tenants from years of experience. Most landlords civil liabilities are in personal injuries on the property, (Get insurance), property defects, (insurance), and UD's and trying to get them out of the property. That will cost you money. You won't be going to jail for those situations in most cases. But, your legal entity can limit what they can get from you, as well as, not linking you personal property and house to a claim. I am always surprised how even the poorest of UD clients, can find enough money to get a lawyer to take their case. At the end of the day the UD case is about getting the client more time to find another place to move into, at the legal expense of you the landlord to defend. All other civil cases would be taken on contingency, so the tenant has really nothing to loose since o skin in the game. So I would limit yourself as much as possible from personally liability. Be an amazing landlord, with great properties and team. 

That is an interesting area @Cody Cox that I think people need more information on. From the investment side of things people are purchasing the note to get the underlying asset and upon default you then control that asset. I have been interested in investing in non-performing notes, but I am not sure I am ready to jump into it just yet. But I like it as another option of how to gain control over a property I want. 

That's the point @Brian Adzadi its all speculating. I Think @Russell Brazil and I and you are all saying the same thing. I think it will be minimal if anything. For any one "Ivy League" economist PhD says theirs another that will say another. So I wold not fall into the trap of what the 'expert economist' says. A great thing I learned from my trial work is that when you pull a jury, they will tell you that when each party presents an 'expert' witness, the jury sees it for one for one and they cancel each other out. Same goes for economic ivy league experts. They all get paid for an agenda one way of the other. I don't see real effect large enough to cause average Joe not to purchase.