All Forum Posts by: Levi T.

There's a thread on here where a guy invested 2 million into those type of loans. He keep a really nice Google excel sheet of each one, and keeps updating it. Last I checked up on it, a larger percentage had defaulted

 You just made my point plainly. You made a boldface lie when you claimed you owned these properties, just as the fictional young man in my story claimed he managed hundreds of units.

If you want people to help you on here, don't start off with a lie.

There was this young investor who wanted to buy a few hundred units, but had little or no money. He found some partners to help make it all happen, and with their help he managed to secure favoriable financing from a local bank, plus down payment capital.

There was one little white lie, he had told all his investing partners how he had experance managing hundreds of units for others. It turned out he had never managed property before, in fact he had never touch a single peace of real estate in his life, and was a renter with zero experance beyound being a sales rep for sporting goods store.

In the process of trying to make the deal work, he said he would be managing the properties, but after a few weeks of owning them,  he realized he had no clue what he was doing. 

Since he was the managing member of the investment entity, he figured it was within his right to hire a management company to run the portfolio, which he was right in that assumption. However, years later the portfolio defaulted due to the management company actions, and the investors wrote a complaint to the SEC as they lost hundreds of millions due to a lie.

This is when that young investor learned that little white lies in real estate matter, and just like the titantic his dreams sank as he was sentence 30 years for security fraud. 

He was never allowed to touch real estate investing again under SEC rules for being a bad actor, because of that one little white lie.

In real estate, your credibility, truthfulness, and trust, is everything. If your confortable deceiving in the context of this thread, could you be confertable deceiving investing partners with a little white lie...

@Adam Klugh now for the next  lesson.. never lie.. your credibility just hit the floor at an epic level.

Acorn brown carpet. all day long. Cheap and looks great with Tuscan style vinyl, with flat white walls.

You can't discriminate on a Uber driver, just like you can't discriminate on a stripper or someone self employed like a real estate agent, or anyone else 1099'ing. Just ask for two years of tax filings, if they meet the requirements, put your feelings aside and rent to them, or face the consequences one day.

They can't toss you out on the street if you've been paying, they have to take you to court and win. Judge will decide who is right or wrong on this case. If you have a verbal agreement, the owner or manager can change it whenever they want, it's all covered under the Virginia Landlord Tennat Act.

Lastly most owners don't want tenants talking to them, that's why they have managers. If you where my tenants and hunted me down, ide rip you a new one you would not soon forget. Nothing irks me more than seeing tenant try and step around my managers, because they don't like something.

Hey man, I do dozens of these all the time, 6 in the last few weeks. We buy them cheap, and honor the lease as long as we are required, once it's time, we raise rents to $100 under market. It's a take it or leave it option for the tenants, no exception. If they bounce, we rehab and get a top notch tenant, if they don't, then we don't have to do a thing till the old tenant defaults or moves. Win-win!

Hire your own employee to be the PM, you'll spend a lot less, and control all terms of the operation the way you like.

Virginia is good, fair and balanced. Sometimes it can get a little nutty in Richmond. Judges in that area like to make up new rules out of the blue sometimes. Competition is stiff in all of NOVA, but it never slows down around here, thanks to DC and the private sector.

NC is good as well.