All Forum Posts by: J. Pablo Fernández

Hello,

BRRRR makes a lot of sense to me, except that there's one part I cannot figure out: getting the mortgage. How are you getting the mortgage? in your name or the LLC that owns the properties?

If you are getting it in your name, then, that means that I cannot do it as a foreigner/non-resident as I don't have any income in the US. But if you are getting it in your name, does it mean your property is in your name? Does that increase your tax and other liabilities?

If you are doing it as your LLC, how do you find it? The banks I checked out, don't seem to offer real estate mortgages for LLC. It often goes into "commercial loan" and then they want years of revenue or other prerequisites that I don't have.

I don't owe them the money, Oceanpointe does (see the whole debacle with Morris Invest). I tried to make a deal with them as soon as this exploded to pay what Oceanpointe owes them out of my revenue, they stopped responding to my calls and emails. Then they put the mechanic's lien. I chased them for two months trying to work something out and they would not take my calls nor respond to my emails. I asked my PA to chase them and she got nowhere either.

The work was not done to my satisfaction. The house was unfinished and I had to pay another contractor to finish it so that I could put it on the market to be rented.

I do feel I really tried to pay them and they just don't seem interested. If they go from the lien to court, then, I'll get my lawyer to re-engage.

I am not happy and I still have issues, but I did walk away with a cashflowing property after many many problems. I did talk to the builders and they said something like "being hired to build 125 properties, built 25, and then stopped because money stopped coming in". I was able to exchange emails with Morris Invest, although Morris stopped responding to me (despite the fact that I appeared 3 times on his podcast and people were asking me for referrals). The Oceanpointe guy, Bert, was nowhere to be found though. I sent him numerous emails, he responded to a couple, we arranged a call that he missed and then never responded again.

This is what I remember of the situation. I can dig up my notes if necessary.

I ended up talking to two different lawyers and I'd recommend it, because in my case, both found problems with the lien that means they won't be able to stand in court. The lien in the property makes selling it hard, so, I would have to counter-sue them to get it lifted; or I can just wait. Since this is a buy and hold property this is not a problem for me and waiting is the cheapest option.

I wish I've done this earlier because this lien was a heavy weight on my mind for 2 months.

I was one of those investors, with quite a bit of luck and some work I managed to escape with my property that is now rented out and cashflowing. When things went south I started trying to talk to everybody and taking notes about it.

Hello,

I've bought a property through an intermediary that was running a turn-key property business. The intermediary paid some of the money, some of the property was built, and then they disappear with the rest of the money. They promise they'll pay it, but they run away.

I contacted the construction company to understand what was going on and I offered to pay them out of my rental income until we managed to extract the money from the intermediary. They stopped responding to my messages. I understand it wasn't a great deal for them but I was trying to make them whole.

Today, they put a mechanic's lien in my property, just as I'm getting my first tenant in. This is my first time dealing with this. Any ideas what I should expect? What should I do now?

Thank you.

Bitcoin! Ha! Good one.

I just got a fine in Indianapolis for the grass being too tall in the property. By the time I got the warning letter, they already abated it and sent me a letter, telling me that I have 10 days to pay, of which only 3 days were left by the time I got the letter.

They are asking for a cheque or a money order. Neither of which I'm managing to get here in the UK. Aside from the fact that I'm going to get fined on not paying it in time (and since their deadlines are so short, I don't see how I can ever get out of that cycle yet), any ideas how to pay it?

I could get a travelers cheque or a bank draft. I sent them an email and I call later to see if they'll accept either. Does anybody know if either of those are likely to work? As people in the UK are not familiar with what a money order is, I'm not sure they'll be familiar with a bank draft and I'm not sure whether the problem here is financial methods or language.

Thank you.

I mean, they should take care of everything. Renting it out, vetting tenants, carrying out fixes, receiving letters of complaint from the council (grass not being mowed, or things like that), and whatever else I don't yet know about, which I'm more concerned about. The unknown unknowns.

Hello everybody,

I'm getting close to having my first property and this is very exciting. Sadly, this was not a smooth path and one of the many issues I had to deal with made me not want to work with the property management company I selected for my property. I need to find a new one and this time I want to make a better job.

How do I do it? What do I look for? Any recommendations?

I'm not based in Indianapolis and getting there is expensive and cumbersome for me, so, I really need someone who will provide a full service.