All Forum Posts by: David Ptak

@Chris Seveney

It’s 3.5 years since I tried posting here about this but I was trying myself to reach out well before. I was trying to give the benefit of the doubt since there was a pandemic. I really had no idea people could act like this. I just buried my head for a while hoping things would turn around. I thought no news might be good news for too long. I’d like to fight this but it sounds like I have no recourse at this point. I had no idea you could sign a contract and people could just walk away with your money and do whatever they want with it.

@Chris Seveney

Hi Chris. This is the address.

500 Executive Center Blvd, El Paso, TX 79902

Thanks for your help!

I participated in an investment in a motel property under the Brand "Extend-a-Suites" in El Paso, TX. The GP named David Gerlt out of Newport Beach, CA used Quinalt Investments, LLC as the operating business for the investment. 

This David Gerlt a member of Bigger Pockets has disappeared. I can't reach him. I've tried emails, phone, bigger pockets. This guy took my investment and disappeared. 

If there Is anyone that can offer their expertise on what options I may have I would greatly appreciate it. This person sent an annual report and a few letters updating the investors on the motel but that all ended in 2020. It's been 4 years now and I've heard nothing.

Thanks in advance for any replies!

Can anyone recommend a commercial real estate attorney in the state of Michigan? I'm looking to modify a deed among other things. 

Thanks,

Dave

Hi Tyler sorry I wasn't on top of this account for a while. If you still want to talk let me know.

Best,

Dave

I’ve done a deal similar to this last year. I’d be happy to offer my experience if you’d like. Feel free to Private message me. One quick tip is to get an insurance quote early in the process. If you are a new owner the rates may be quite a bit different than what the current owner is showing on their financials.

Great advice everyone thank you for your help!

Hi folks. I’m looking to do an investment using retirement funds and I’ve read a lot about the solo 401k and the self directed IRA. Does anyone have a recommendation for a good way to start the process of opening one of Hess accounts? Also, I read that to have a solo 401k you need to have a business. I have a couple. However, I also read that you can’t have Full time employees. I have some in one of the business but not in the other. Does that mean I am disqualified for the solo 401k? Any comments, recommendations or referrals would be much appreciated. Thanks everyone I hope this helps others navigate these options! Best, Dave

Some thoughts... has it had any extended stay guests? Would you offer that? Have you considered a str report for the area? Are all the units rentable currently or will you need to do some rehab? What is your plan for financing or will you pay cash? Insurance may be quite a bit more than what he’s currently paying. You might want to get a quote on that up front so you know what that will look like. I own something that sounds a bit similar. I’d be happy to share more of my experience if you’re interested. Good luck!

Thanks guys. I did connect with an attorney. From what I’m told the property can be assigned with the approval of the seller. This would not change my personal debt under the agreement but it would in theory transfer the liability of the property to the LLC. Hope that helps anyone. Thanks again for your input.