All Forum Posts by: Levi T.

Looking to buy around 12 million worth of multifamily in Texas, or townhouse portfolio in NOVA. Getting a lot of deal flow, but people want the moon right now. Waiting for the drop!

@Dave Meyer I personally liked the report. This is the type and size of report for people that buy large multifamily will read. While the average investor just wants a simple report that they can consume quickly.

Now as for it being a service, I don’t think there is going to be a huge market for you to sell, as there is a lot of really good agents who collect this stuff for their markets all the time, and email it to their buyers each month. It’s how they drum up business and keep connected. I’m on a number of list like this, it helps me keep up to speed on markets I’m in, or may have interest in. I even keep track of university enrollments, even small universities located in the middle of nowhere North Carolina. So reading endless reports about regional growth/loss, and investments opportunities, is just daily life for some investors, while others just need cliff notes.

The market nationally is so hot, that the best play is fix and flip. If you BRRR you could get caught in a down market and all that comes with it when buying at the top. I would not buy anything right now unless it had huge discounts. — Whenever the pandemic buyers return to the cities, there is going to be a correction to market pricing, and then a long process of digging ourselves out.

We use Grasshopper

@Alvin Sylvain is 100% right. What problem is blockchain solving for real estate? Real estate does not have a lot of problems. You can buy and sell it with a single peace of paper, but what does become complicated is title insurances, which blockchain does not resolve, as only a human can pickup the phone and call creditors, search for debt, and clean the title of all its encombrements. Blockchain does not resolve that.

Mainstream real estate will never adopt blockchain because a transfer mechanism, as long as we have the issue with lost private keys. That will never change, because it’s at the heart of what blockchain does. Just imagine your title work locked away, never to let you or a bank to be able to claim their assets under the law. It’s a freaking nightmare, with long lasting legal issues.

Unless someone wants to be paid with BTC, all we would be doing is transferring to another asset class. Same goes with someone that owns BTC. The only upshot I see is a possible crypto 1031 into a type of DST, but that does not legally exist yet.

I find people go through logic process when they come in contact with crypto for the first time, and slowly dig through it all and arrive back at the beginning on what is, stored value. At first it sounds like it solves all transaction problems, I know I’ve been there, moved on, and came back around a few times. I don’t recall what year I got into crypto, but BTC was a few hundred per coin back then. I have invested in alt coins, etc, and watch them all come and go. It’s been a fun ride, but at the end of the day, it’s just another asset class. Blockchain itself it great for insuring single transactions across books from entity to entity, and as long as double spend never happens, it’s here to stay as a value store, but I don’t see it ever becomes the big player people think it will be in term of the payments. Even the banks decided to it was better to create their own private chain vs using a public one. Thus I think we have already arrived at it’s true value, which is once again just another asset to invest in.

Sounds like it’s low income, to the point they may just rip down the fence... Nothing like driving through someone’s yard and finding out there was a peace of rebarb sticking out of the ground.. buy a handful, and drive them into the ground till they are 5 inches sticking out, paint them a nice red if wanted.. That’ll punch through any tires that likes to trespass.

Another option is to send the tenant a lease renewal, but have the lease say it’s a month-a-month agreement. If they sign it, under the current law, you can evict if the lease has been terminated. month-to-month is easy to terminate. You could even offer a lower rent, rent forgiveness, or whatever, that will get a new lease signed. 

I have been reading that Biden is requesting Congress to extend the moratorium to the end of the year. Personally I am having all my managers, slowly convert our leases to month-to-month, just to be safe. 

We are only seeing a 3 to 4% rate on CDC in our portfolio, but it was a 1% rate 8 months ago, so it’s a growing issue, and if they keep pushing the issue down the road... 

There are so many layers right now on this. I've been talking to an army of attorneys for each state we operate in. It is not just the CDC, but also state laws that are changing every month right now.

If a tenant has not submitted a CDC Affidavit, you can evict them under the state's current rules, including for non-payment. They have to submit the form. Even if they sign the form, they are required to attempt to pay some rent each month, and meet all the requirements outlined in the document. 

At the state level, for example Virginia, requires a 14 day pay or quit notice now (It was 5). However now, all tenants are required to apply for assistance, or the landlord can do it for them, but if they don't get it in 14 days, you can evict them (we have not tested that last part). We are now required to also give a 6 month interest free payment plan on past due rents. You basically set it aside, but if they fail to pay the amount under the payment plan, or future rents, you can evict.

I don't believe in cash for keys, but we do credit for keys. We normally outline all their options, and tell them if they move out, we wont report the money owed to the creditors, and take them to collections. They lose their deposit, and we just eat the cost. This normally works.

If that does not work, look for lease violations, such as damages to the property, drug dealing, etc, and always give notice of lease termination. 

We are now working on having a month to month or 90 day lease agreements vs year or longer, as it's the quickest way to address this issue, and we are noticing most states are currently thinking about making their temp tenant laws for COVID, permanent, according to the attorneys.

Solo — We have an investors program (note format) that gives a 12% return on their capital for the first year, and 8% after.

Buy around $14,000,000.00 worth of SFH deals, or in other words, around 140+ doors.