All Forum Posts by: Michael Moikeha

This thread should be the first thing ANYONE on BP reads if they are looking into a JV Partnership with someone they meet here.

Originally posted by @John Pruner:

I like your advice Steve.

About the zillow listing I've already called that agent. It's not for sale by her.

Interesting ... Does any real estate agent have an answer on how this might have happened, or how to reconcile it? Is this just a Zillow glitch, or can you pull it up on the MLS and get the correct data?

I have an alternate way for you to think of this if it helps:

Asking him to split his time between his dying love, and your JV Partnership is unfair of you. Let him be with his love, and find someone else to help you exit this project. Let any liabilities he may have go and all monies he may have spent of yours go as a present to him and his ill partner.

Do it for him. Let him go, so he can spend his time and energy with his partner.

(In no way was this sarcastic. Just trying to change the perspective)

Okay, I think thats all I have to say for now.

Also @John Pruner, we are yelling. Know why? Because you keep asking for help but then decide to disregard the ONE piece of advise that EVERYONE is giving ...

STOP TALKING TO YOUR JV PARTNER!!!!!!!!!! (Im yelling this at you!)

Even your last post:

"If the JV Partner secures it" .... "If the JV partner wants to structure a deal" ....

There should be NO MORE Andy in ANY of your plans!

Start making all your plans without him in mind. It is NOT inhumane to take care your yourself. This is reminiscent of a domestic abuse situation. He comes back with a great story and revives your confidence. "Maybe THIS time it will really be different ....." (Sorry if this hits close to home for anyone, but if so, then you see it as well). 

http://www.zillow.com/homedetails/1371-Avon-Ave-SW-Atlanta-GA-30310/35841778_zpid/

Here is your property listed for sale on Zillow. It has been listed for the past 270+ days. It looks like it has the correct "Last Sold" info, but it is interesting that it is back up for sale. 

I would call the listing agent and see why and who has her listing it.

Originally posted by @Steve Babiak:

Originally posted by @Michael Moikeha:

...

For everyone else who doesn't want to spend a year on a deal with a partner who is unreliable, please help the rest of us out and tell us who this BP'er is so we can avoid him. Good guy or not, he is not someone any of us would like to do business with.

...

I am guessing this is the person:

http://www.biggerpockets.com/users/myrentedroom

 Thanks.

Read Out Loud: FOOL ME ONCE (got me to partner with him) shame on you Andy. FOOL ME TWICE (got me to keep working with him for 8 months while he didn't perform, while I got served court papers) shame on me. FOOL ME THRICE (if I quitclaim and believe another promise out of Andy's mouth) and I should quit investing and stick with a 401k as my over-trusting personality and personal inaction will lead to poor performing investments and a loss of all my money. (He is only actively talking to you again like he did in the beginning, because it's the end of his game. Get the house back for nothing. His smooth talking got you on the hook, and now that he put you in one hell of a mess, without good options, he's positioning himself as your Savior with his smooth tongue to finish what he started. You quitclaim and he moves into a house he got for FREE!)

You mention a drug user who keeps going back. YOU are that user. For a year, you have kept going back on the hope of an extended high. YOU need to cut yourself off from the drug and start your recovery. Whether or not Andy has good intentions is not the point. As you just said, he is unreliable, slow, does not respond, and is incapable of holding up his end of the deal thus far. Get out. For everyone else who doesn't want to spend a year on a deal with a partner who is unreliable, please help the rest of us out and tell us who this BP'er is so we can avoid him. Good guy or not, he is not someone any of us would like to do business with. Again, good guy or not, he is a partner who has not delivered, has not communicated, and has lost you a lot of money. Cut the cord. Stop running back to your drug. GET OUT! At this point, Andy is no longer to blame. 8 months ago you received great advice to remove yourself from this partnership. From that point on, you have failed yourself, failed your investment, and you need to get away. Sorry for the bluntness, but you're the only one who can't see that good guy or not, he is not someone who should be relied on for anything.

So, hypothetical situation: If I have the money, it would make sense to hit some of the hot areas country wide, some Portland, OR, Seattle, WA, Cali, Huston, TX, and go crazy. Then when someone calls and is motivated to sell, jump into action and get your agents, inspectors, contractor, PM, JVs, wholesalers/buyers, etc. Reason of the order of marketing first then searching is that contrary to the Guru, the deal draws the team, and a team too soon, with no work, is like harvesting your crops without planting the seeds. So know the area to hit, but don't hold back marketing for planning and prepping. Does that ring true to anyone?

If the deal makes sense, then the money will appear. What you have to do is crunch the numbers. Show an understanding of what they mean and how to take the property from "a" to "b" and the payout for that. Explain the exit strategies, both long term planned and other potential exits of necessary. Show true numbers based on rent rolls, true expenses to include property management of not accounted for by owners, as well as ALL costs even if you will be doing some of the work for free initially. Project out your capital expenses, initial repair costs to get top dollar rents etc. Prove that you are competent in the evaluation and the actions needed to turn the property around and it may be hard, but I believe you can find the money.