All Forum Posts by: Doug Pintarch

THIS.   Please take my comments as they are, from a newb investor with one property.  Short-term VR at a beach town.   My Mother had to book through VRBO, so do you.   One platform only, no side deals, no discounts, no sob stories or "Employer check" bull$hit.  Pay there or play in someone else's sandbox that week.

Humans man, they'll game the system.  Every time.

Understood, thank you for the response!

http://www.biggerpockets.com/contact

Here you go!

:)

@Jillian Sidoti I have a question.  This does not apply to me, I'm merely curious.  If I had a proper Accredited Investor Qualification Form filled out by some of the FB group members and they are not actually accredited, what kind of liability would that open me up to, or would it be on them? (I am not even on FB, but I have seen some similar Linked-in solicitations in the past.)  

Daniel,   

@Greg Scott gave sage advice.  We did the Out-of-state complete remodel on a condo purchase.  It is a buy and hold short-term vacation rental for us.  We had our realtor get us inside 4 times after our offer was accepted (Out-of-state owner and the condo was unoccupied) so we could meet and interview contractors and measure and show them what we were thinking of doing so when we went to closing we had complete written estimates from the ones we chose and knew all our costs going in.  We really lucked out there, I feel, with the sellers and the empty unit.  Absolutely had to be there ourselves throughout the ENTIRE sales and reno process, and we manage it ourselves (Including cleaning). Lots of travelling there and back every weekend for 7 months or so (3 hours one way) but absolutely worth it, and our next one will be there and all the same contractors and vendors will be involved. 

Time is on your side, make it work!

Aah, gotcha Grant. I think the OOS part did make it easier for the scam to work on a large percentage of the victims.

 Right you are, Jay!  That much money (many times less) causes you to automatically adjust your standard of living to your income.  BIG house...fleet of cars...stellar vacations...stupid toys....

Ah, to be rich and young again.     Legally.

:)

 Nope.   We do it now and are doing very well, but we're there several times a month (Short-term vacation rental we manage ourselves). Our philosphy was and is "if it's too far to drive and maintain we're not spending our money".

I think the problem was OOS was too far for many of those investors to drive to or pay the cost of a flight and lodging to vet the properties themselves, and they trusted the "Tv guy who knew what he was doing."

Let's hope it goes to a legal conclusion and they don't get off with a slap and another startup.

Darren, I hope this isn't a typical case...where everyone screams "FRAUD"!! and protest and blog and sue and then....everything quiets down and Clayton and Natali go off to Montana and open up another real estate turnkey company in 3 years and no one remembers or researches.   

One thing about us Americans...we have very short memories.