All Forum Posts by: Marc Ramsay

Done, from several email addresses to increase the vote.

Does this count as stuffing the ballot box? :)

@Dave Welsh no dumb questions here, but sometimes some dumb answers.. :)

It's a Joint Venture partner. Basically anyone you're partnering up with to do a deal, and quite often is supplying a majority equity stake in the deal in exchange for you supplying the deal, as well as putting it all together, and managing it.

Keep asking questions. It's how you learn and avoid costly mistakes.

Good luck!

Marc

Very Cool Feature, but apparently it doesn't work for Canadian Zip (Postal) codes yet. I may have to change to my Cleveland address to make it work. That or upgrade to Pro.. :)

There are a bunch of the Internet marketers that cross sell each other's products. I get multiple emails all the time for the same book/product/course from a few different sources that are all identical.

I had a call a couple of days ago that referred to one person, then tried to sell be into a boot camp from another guy, and when I asked about an email the first guy had sent out a few days earlier, the guy on the phone didn't know anything about it or who to ask, and had no interest in helping me with the question because obviously it wasn't his product.

It pays to do your research and know who you're talking to. :)

@Thomas Williamson I know how you feel. I had a fire much like this one earlier this year. The damage was less than the insurance deductible, but we ran into several issues with the tenant afterwards. She had no insurance and definitely no way to pay for the damages as she was on rental assistance through a local organization, so I bit the bullet and just dealt with it. Being the nice guy I am, I moved her and her daughter into a vacant unit I had while I had her unit repaired.

The inspector for the agency she dealt with gave us until the end of the month to repair the unit and get it reinspected, then turned around and offered the tenant a new voucher for a new apartment across town and refused to sign off on my place, thus causing the tenant to break the lease. I was pissed off about this, and what made it worse is the tenant didn't move out of the vacant unit for over 2 months. I had a very heated battle with the agency over the actions of their inspector and eventually got another months rent out of them, however I did not recover any costs for the fire damage. And seeing as the tenant was a single mom on assistance, there was no point in going after her.

Another lesson learned when dealing with low income tenants.

Most of the properties I've dealt with have been in C & D class neighborhoods. And yes, they are cheaper to buy, and usually cash-flow quite well, they do tend to have a lot more units turns than the A & B class properties I know about. I always allow for a much higher annual cost for units turns on the C & D class properties than I would otherwise. There's a 120 unit highrise I recently looked at in a D class area and it would have been a lot of work to keep it at 85% occupancy, and I was going to allow for 25 to 35% annually turnover in the budget. If you want to make the cash off the C & D class properties, you defintely have to be prepared to do the extra work.

Here's your humor for the day. I was booking my rental car for my next trip to Cleveland and the following upgrade offer flashed up on the screen. Damn that Nissan Maxima is an expensive upgrade! :)

Wow, $11,883.00 for a 9 day rental! I think I'll stick with the Avenger..

A non-compete can be very limited in scope, to just the one property, and one line in a contract. If a buyer is uncomfortable in simply agreeing they won't do an end run around you, then what else will they do that's not in your best interest. I understand finding buyers is not always an easy task, but neither is all the work you put into putting these deals together.

@Craig E. you obviously have some kind of contract in place with this buyer, It should also include nondisclosure and non-compete sections stating they will not disclose any information provided by you about the property or the market, and that they will not compete for any properties presented to them by yourself for at least 12 months.

There are lots of these types of contracts out there you can pull wording from, but the primary goal is to prevent them from redistributing any information you give them, and competing against you on anything you are working on that they are made aware of.

Marc

@Mark Ferguson My JV partner is flush with cash. He buys them, I retain a percentage for all my hard work and ongoing management.

@Dan Holden Is that your IRS has come to audit you face?